Authentication Challenges in Faster Payments

Peter Tapling Discusses Mitigation Plans
Peter Tapling, board member, U.S. Faster Payments Council

When it comes to faster payments, the only way to control fraud is to build in fraud and risk mitigation plans before a transaction is made, says Peter Tapling, board member of the U.S. Faster Payments Council and a speaker at RSA’s virtual conference this year.

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“One of the things that is going to be tied to fraud management of real-time payments is better identity management. For one-time payments, there will always be a platform which will be engaged with this transaction - whether mobile app or web interface. For understanding the correct platform, authorization and authentication needs to be clear upfront. I can’t do much after the transaction is being made in order to make user experience smoother,” Tapling says.

In a video interview with Information Security Media Group as part of its RSA Conference 2021 coverage, Tapling also discusses:

  • How difference in time stamp for real-time payments affects fraud practitioners;
  • Why authorization and authentication need to come together;
  • Strategies to mitigate faster payments fraud.

Tapling is a board member at U.S. Faster Payments Council. He has been at the forefront of many different technology shifts in security, risk and payments. He is also the managing director of PTap Advisory LLC, a services firm that helps organizations understand technology in terms that can help support their business strategy. He was founding CEO of Authentify, the company that introduced out-of-band authentication to financial services.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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