The Faster Payments Council (FPC) Fraud Work Group issued its first bulletin outlining challenges and opportunities in mitigating faster payments fraud. While the industry has made strides, key gaps remain, including differing processes and technology across providers, and limited information sharing. The bulletin proposes solutions such as standardized fraud reporting, confirmation of payee capabilities, and improved data sharing practices. By working together, stakeholders can reduce faster payments fraud to consistently low levels, benefiting the entire ecosystem.
Read the full bulletin.
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