94% of global fraud executives saw an increase in real-time payments, with 91% saying that consolidating fraud prevention efforts across platforms makes them easier to manage
BEDFORD, MA – June 22, 2024 – Outseer, a leader in providing fraud solutions that protect financial accounts from login through payment, announced the availability of a new global research report conducted by Datos Insights, focused on the global trends in real-time payments and the associated fraud.
The 2024 report examines the trends in growth in real-time and non-real-time payments, how those trends influence corresponding rates of growth in different fraud typologies, and how these fraud trends affect efforts among fraud leaders across different markets to modernize and respond to these challenges. The report includes analyses of these market forces, their implications, and likely outcomes in terms of forecasted patterns and anticipated responses.
The research showed that 94% of firms saw an increase in real-time payments, up from 71% a year earlier, with the expectation that they will continue to increase – over half of respondents expect the growth rate to be 25% or higher. However, the growth in payments continues to come with a corresponding growth in fraud, with 80% reporting an increase in mule activity. At the top of mind for fraud executives are APP fraud at 82%, ATO at 56%, and CNP fraud at 28%.
How are global executives combatting this growth in fraud? 91% say they are monitoring inbound payment activity, and that mitigating threats across platforms makes that easier to manage. 91% say consolidation amplifies the value of signal detection, and 87% agree that it reduces operating costs. Additionally, 57% have already consolidated some aspect of their fraud management systems, with many more planned.
“It is clear that banks are placing a high priority on addressing escalating scams and preparing for the liability shifts for banks to reimburse scammed consumers,” says John Filby, Outseer CEO. “Increased sophistication across real-time payments, especially in the areas of mule detection, scam models, signal orchestration and customer interventions is essential to address these new threats. Outseer is working together with some of the largest banks around the globe to solve these problems.”
Additional insights and key takeaways from the report include:
- Fraud over faster payment rails dominates fraudulent money movement
- Liability shifts for scams are a potent force shaping the market for fraud controls
- Consensus is building behind segments of APP controls
- Signal orchestration remains a top priority for fraud professionals
- Mule activity and inbound payment monitoring are rising priorities
- Customer interaction and engagement are crucial in the fight against fraud
To learn more about the study findings, download a copy of the report “Trends in Faster Payments Fraud: Slowing Down to Speed Up,” and watch the webinar for deeper insights. To learn more about how Outseer delivers fraud solutions that work for you, visit outseer.com.
About the Study
The 2024 Datos Insights research study, sponsored by Outseer, surveyed 32 fraud executives at large financial institutions (FIs) in Argentina, Australia, Brazil, India, the U.K., and the U.S. in April and May of 2024 to understand current payment fraud trends. Datos Insights augmented these efforts by examining patterns of controlling payments fraud in each market.
About Datos Insights
Outseer is the global market leader in fraud prevention solutions that enable financial institutions to reduce fraud losses and operational costs while improving customer experience. Leveraging our 20-year history as RSA Fraud & Risk Intelligence, Outseer continues to innovate, protecting digital transactions from ever-evolving fraud threats. Outseer achieves this through our experienced global team, with employees in over 15 countries. Our proven AI-based platform leverages unique data science built on decades of global transaction data, including our proprietary consortium data, and intelligently orchestrates diverse data signals and authentication flows. Trusted by thousands of customers in over 50 countries, including hundreds of the world’s largest financial institutions, our solutions safeguard millions of accounts, billions of transactions, and trillions of dollars annually. Outseer is backed by established private equity investors that share our vision for liberating the world from transaction fraud. To learn more about how Outseer delivers fraud solutions that Stop Fraud Not Customers®, visit outseer.com.
About Datos Insights
Datos Insights delivers the most comprehensive and industry-specific data and advice to the companies trusted to protect and grow the world’s assets, and to the technology and service providers who support them. Staffed by experienced industry executives, researchers, and consultants, we support the world’s most progressive banks, insurers, investment firms, and technology companies through a mix of insights and advisory subscriptions, data services, custom projects and consulting, conferences, and executive councils. Visit them on the web or connect on LinkedIn.