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The rise of instant payments: protecting consumers from criminals in 10 seconds

Published

2 days ago

July 2, 2024

Over the past fifteen years, the financial landscape has undergone a profound transformation in payments – from slow cheque clearances to instant credits, and from fixed payment windows to on-demand, round-the-clock transactions across multiple channels.

While these advancements have significantly enhanced consumer convenience and transaction speed, they have also opened doors for increased financial fraud and money laundering, exploiting the immediacy and reduced friction in modern payment systems.

As consumers worldwide demand quicker and more convenient payment options, both domestically and internationally, financial institutions face a critical challenge: how to balance speed and safety effectively to meet these demands while preventing fraudulent activities.

The global journey of instant payments

The Council of the European Union recently mandated the availability of instant payments in euros across EU and EEA countries. This regulation requires all payment service providers (PSPs) to enable consumers and businesses to send and receive euro payments within 10 seconds, 24/7, throughout the EU and EEA.

The EU began its journey with instant payments in 2017 with SEPA instant credit transfers, initially adopted by a limited number of banks. As demand grew and the benefits of immediate settlements became evident, the EU expanded this initiative, culminating in the recent regulation for all PSPs to facilitate affordable and accessible instant payments across the region.

Globally, instant payments have reshaped the financial service landscape in several countries, such as the UK’s Faster Payments, India’s IMPS, Africa’s Rapid Payments Program (RPP), and Brazil’s Pix. Similar systems like Australia’s New Payment Platform (NPP), the US’ FedNow, and Canada’s upcoming Real-time Rails (RTR) are also poised for significant impact.

Speed and convenience vs. the risk of accelerated fraud

Instant payments execute transactions in real-time, often delivering funds to recipients within seconds. However, this immediacy poses a risk: fraudulent transactions can be completed before consumers have a chance to intervene, leading to swift loss of funds and complex recovery processes.

Authorised push payment (APP) fraud, where consumers are deceived into authorising payments to criminals, has become prevalent worldwide. Criminals exploit various tactics, including identity theft and social engineering, to manipulate unsuspecting individuals into transferring funds. Once transferred, funds are swiftly moved across multiple banks and jurisdictions, making recovery nearly impossible.

Mitigating fraud in real-time

While traditional payment fraud prevention methods have evolved over the past decade, instant payments present unique challenges due to the sheer volume and speed of transactions. Technologies like Confirmation of Payee (CoP) in the UK, Verification of Payee (VoP) in the EU, and IBAN name confirmation are being implemented to enhance fraud prevention by allowing consumers to verify payee details before authorising payments.

However, combating fraud in instant payments requires multi-layered approaches. Advanced fraud detection systems leverage machine learning models to analyze data from various layers – network, device, application, and account – to detect anomalies indicative of fraudulent activities before payments are executed. Behavioral biometrics tools track user interactions during transactions, identifying suspicious behaviors such as device hijacking or unusual transaction patterns.

Emerging regulatory frameworks, such as the UK’s PSR3 regulation, which mandates shared liability between sending and receiving banks for APP fraud losses, are setting precedents globally. This shift necessitates recipient banks to monitor incoming payments for fraud, marking a significant shift in fraud prevention strategies.

Looking ahead

As instant payments continue to gain momentum globally, collaboration among banks, regulators, and industry stakeholders is crucial to develop standardized frameworks and best practices for fraud prevention. Establishing uniform approaches across jurisdictions will be essential to effectively combat evolving fraud tactics and safeguard consumer interests in the fast-paced world of instant payments.

Source: fintechfutures.com

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Invitation to presentation of EQT AB’s Half-year Report 2024

Published

27 mins ago

July 4, 2024

CISION (PR Newswire)

STOCKHOLM, Sweden, July 4, 2024 /PRNewswire/ — EQT AB’s Half-year Report 2024 will be published on Thursday 18 July 2024 at approximately 07:00 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.

The presentation and a video link for the webcast will be available here from the time of the publication of the Half-year Report.

To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.

The webcast can be followed live here and a recording will be available afterwards.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-half-year-report-2024,c4010928

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https://mb.cision.com/Main/87/4010928/2900563.pdf	Invitation to presentation of EQT ABâ€™s Half-year Report 2024
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View original content:https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-half-year-report-2024-302189423.html

Latest News

Red Ribbon Communications drive FICA compliance awareness for fintech company DocFox

Published

1 hour ago

July 4, 2024

Peter Tolan

In a strategic move to enhance awareness and understanding of FICA compliance, leading South African PR agency Red Ribbon Communications has partnered with DocFox, a pioneer in B2B tech solutions. This collaboration highlights the critical importance of accountability in the financial sector.

South Africa’s placement on the Financial Action Task Force’s (FATF) grey list in February 2024 posed significant challenges. Recognizing the urgency, DocFox enlisted Red Ribbon Communications to leverage their B2B tech PR expertise in content creation, strategic communication, and generating mainstream publicity.

Hawken McEwan, Director of Risk and Compliance at DocFox, expressed enthusiasm about the partnership. “At DocFox, we are dedicated to empowering Accountable Institutions with the knowledge and tools to achieve FICA compliance. Partnering with Red Ribbon Communications has amplified our message and broadened our reach, showcasing their effective FinTech PR skills.”

Reflecting on the collaboration’s success, Ronelle Bester, Account Director at Red Ribbon Communications, said: “Our partnership has not only heightened awareness about FICA compliance but also positioned Hawken as a thought leader in Anti-Money Laundering (AML) and financial crime. Through strategic media outreach and educational initiatives, we have equipped Accountable Institutions with the knowledge needed to combat financial crimes.”

The collaboration with DocFox has significantly enhanced Red Ribbon Communications’ capabilities in providing PR services to FinTech companies. “Working closely with DocFox has expanded our knowledge in the fintech field and improved our effectiveness in offering tailored PR solutions,” Bester noted. “This partnership has been crucial in enhancing our proficiency in the fintech industry and catalyzing positive transformations within the tech PR sector.”

McEwan expressed his satisfaction with the partnership’s outcomes, stating: “I am impressed with the results of our collaboration with Red Ribbon Communications. Together, we have successfully raised awareness of FICA compliance and positioned DocFox as a leading voice in the fight against financial crime in South Africa. This partnership solidifies our commitment to help South Africa be removed from the FATF’s greylist.”

The alliance between Red Ribbon Communications and DocFox has generated widespread media coverage, featuring in prominent publications like Business Day, The Citizen, and IOL. The collaboration also secured six TV and radio interviews, including appearances on eNCA, Cape Talk, Moneyweb, and Power FM, reaching an editorial audience of over 27 million.

As South Africa navigates the path towards regulatory compliance, the strategic collaboration between Red Ribbon Communications and DocFox stands as a testament to the power of effective communication within the fintech sector. “By leveraging our expertise and their dedication, both entities have not only raised awareness but also paved the way for innovative approaches in the tech PR landscape, setting a new standard for industry collaboration and positive impact,” Bester concluded.

Source: bizcommunity.com

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Latest News

Industry Leaders Harp On Growth At FITC Fintech Conference

Published

3 hours ago

July 4, 2024

Peter Tolan

FITC recently concluded its highly anticipated TechnNovation FINTECH Conference, themed “Building Trust in the Digital Age: Balancing Performance with Compliance.” This event brought together key stakeholders from the financial sector, including banks, fintech innovators, investors, and regulators, to discuss industry trends, product innovation, regulatory updates, and collaboration opportunities.

Keynote Highlights

Chizor Malize, MD/CEO of FITC and conference convener, emphasized fintech’s transformative impact on the global financial services industry. She highlighted success stories from companies like Interswitch, Flutterwave, and M-Pesa, showcasing Africa’s potential to drive financial inclusion and economic growth through digital innovation. Malize also stressed the importance of maintaining trust and compliance in the digital era, noting FITC’s commitment to providing innovative knowledge solutions and capacity-building programs for the financial sector.

Philip Ikeazor, Deputy Governor of Financial Systems Stability at the Central Bank of Nigeria (CBN) and Board Chairman of FITC, delivered the keynote address. Represented by Taiwo Oladimeji, Deputy Director of the Payments System Management Department at CBN, Ikeazor highlighted the significant growth of Nigeria’s fintech sector. Over the past decade, fintech innovations like mobile payments and blockchain technology have transformed financial transactions in Nigeria, making it a hub for financial inclusion and attracting substantial investments. The CBN has been instrumental in fostering this growth through policies that promote innovation while ensuring financial stability and integrity.

Key Messages

Ikeazor underscored the necessity of continuous dialogue, knowledge sharing, and capacity building to balance performance with compliance. He mentioned the CBN’s e-learning platform, SabiMONI, which aims to enhance financial literacy and deepen financial inclusion by equipping citizens with essential knowledge and tools. This initiative supports the creation of a financially inclusive society and fosters greater trust in the financial system.

In his conclusion, Ikeazor highlighted the CBN’s dedication to developing regulatory frameworks addressing challenges posed by emerging technologies such as AI, blockchain, and digital currencies. The Payments System Vision (PSV) 2025 focuses on driving digital innovations and payments, emphasizing contactless payments, big data, and open banking.

Insights from Industry Leaders

In her opening address, Adedoyin Odunfa, MD/CEO of Digital Jewels Limited and Chair of the Conference Advisory Board, highlighted the crucial role of fintech in Nigeria’s economic development and financial inclusion. She advocated for a customer-centric approach and diverse teams, emphasizing the importance of balancing innovation with compliance. Odunfa identified key success factors, including committed individuals, robust processes, scalable solutions, and effective collaboration.

Source: leadership.ng

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