Fraudsters often are able to get away with pretending that a call or text is coming from a bank or fintech. With Real Time Payments (also known as RTP) from The Clearing House already live on various banks and Faster Payments by Federal Reserve going live in a couple of years, these types of fraud vectors are only going to get exacerbated.įirst, as consumers, we should never trust CallerID. In this post, I wanted to share a few recommendations for consumers, fintechs, banks and regulators on how to deal with P2P scams on Zelle and other platforms. The same reason that customers love instant real-time payments via P2P like Zelle, Venmo, SquareCash and also Crypto, is also why fraudsters love it - with these payment methods, money can be transferred instantly and it’s not recoverable. US regulation on protecting consumers from these fraud vectors is sadly far behind. Fraud is becoming increasingly prevalent on P2P networks like Zelle and others, as brought to the forefront, again, today by the article from the NYTimes.Īs more instant real-time payments like RTP or FasterPayments go live in the US, this problem will only get worse.
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