Will COVID-19 Fraud Issues Impact the Use of Real-Time Payments?
Payments fraud is big business, even in the best of times. According to the ABA’s 2019 Deposit Account Fraud Survey Report, there were $25.1 billion in fraud attempts in 2018, up more than 30% from just two years earlier. These fraud attempts took place on all account mediums—checks, debit cards, and electronic banking transactions. Although banks were effective in preventing nearly 90% of the fraud, fraudsters nonetheless made off with $2.8 billion in stolen money.
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