Article

Will COVID-19 Fraud Issues Impact the Use of Real-Time Payments?

Judy Mok and Amy Schwartz
July 12, 2020

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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