Fraud executives at major financial institutions see increases in account takeover and authorized push payments (APP) fraud over real-time payments rails
BEDFORD, MA – May 10, 2023 – Outseer, a leading provider of digital fraud prevention and customer authentication solutions, announced today the availability of new global research conducted by the Aite-Novarica Group focused on global trends in real-time payments (RTP) and associated fraud.
The research shows that 71% of financial institutions (FIs) indicated an increase in consumer account takeover (ATO) using RTP rails from 2021 to 2022, and 62% of financial institutions said that consumer authorized push payment (APP) fraud via RTP rails had increased in the same period. 57% of FIs indicated mule account activity over RTP rails was up in 2022 vs. 2021.
“A layered approach for fraud mitigation that combines authentication and payment fraud prevention is more important than ever to effectively mitigate RTP fraud,” says John Filby, Outseer CEO.
Additional insights and recommendations include:
- Financial institutions must evolve their control frameworks to handle the rising tide of industrialized ATO attacks and APP fraud and scams.
- 67% of FIs plan to make major changes to enhance their RTP fraud controls over the next one to two years. RTP fraud mitigation is a key priority in financial institutions’ fraud prevention strategy.
- Mule account detection is key to mitigating RTP fraud both on the sender and receiving account. Profiling the sender and receiving account and cross-checking fraud signals against a fraud data consortium should be part of every RTP fraud mitigation strategy.
Learn more about the study findings and how the Outseer platform can help your organization mitigate RTP fraud by getting a copy of the report, Faster Payments, Faster Fraud, or register for the June 6th webinar with Julie Conroy, Aite-Novarica Group’s Head of Risk Insights and Advisory, and Scott Olson, CMO of Outseer.
About the Study
Aite-Novarica Group report, sponsored by Outseer, surveyed fraud executives at large FIs in February and March 2023 in Brazil, Canada, India, the U.K., and the U.S. to understand the trends associated with fraud on faster payment rails. Aite-Novarica Group augmented these efforts by examining the progression of faster payments in each market.
About Outseer
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 Aite-Novarica Group
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, markets, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on LinkedIn.
Outseer Media Contacts:
Scott Olson
scott.olson@outseer.com