As instant payments experience rapid growth around the world a new white paper from global payment technology experts RS2 says banks must prepare for new kinds of fraud linked to card-based payments such as synthetic ID fraud, in which fake accounts are created using stolen identities, and Account Takeover, in which login details are compromised and used to access customer accounts.
With both types predicted to grow fast this year, RS2 say banks need to change their approach as card payments change for the instant era: Read more from RS2 here
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