Fraud Management & Cybercrime , Fraud Risk Management

How Enterprises Can Prevent Faster Payment Fraud

Faster payments between enterprises pose different fraud-fighting challenges than faster payments involving consumers because of the large size of the payment amounts, says Peter Tapling, board member at U.S. Faster Payments Council.

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"Unlike traditional payment mechanisms, where there are rules to recover fraud payments, in faster payments, the moment a company hits the button the payment is gone," Tapling says. "There are many businesses which have dual authentication for large business transactions. I think we are going to see a lot of those kinds of policies and procedures put into place for faster payments for lower dollar value. This might eventually evolve to larger amounts."

In a video interview with Information Security Media Group, Tapling also discusses:

• How enterprises are adapting to faster payments;
• How faster payments fraud differs for enterprises and consumers;
• How authorization mechanisms need to change.

Tapling is a board member at the U.S. Faster Payments Council. 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.