Instant Payments on the RTP Network Surge Ahead of the Holidays
The RTP network now averages over 1 million payments per day, positioning the platform for strong momentum going into the holiday season. Between September and October, transaction volume on RTP, which is operated by The Clearing House, increased by 6.2%. On November 1, the instant payments powerhouse reached a new single-day record, processing 1.45 million […]
New Tools in the Fight Against Cross-Border APP Fraud
As cross-border payments fuel an increasingly globalized economy, concerns about fraud in these transactions have also grown. Although cross-border payments make up just 11% of total card payment transactions, they account for 63% of card-related fraud. This issue is particularly acute in the UK, where losses due to authorized push payment (APP) scams reached £239 […]
Taking On the AI-Assisted Fraudsters
Artificial intelligence is fueling a major transformation in the financial fraud landscape. AI has democratized criminal sophistication and fraud at a very low cost of conducting business, generating more malignant actors that financial institutions have to fight against. What can these institutions do to mitigate increasingly sophisticated frauds and scams? In a recent PaymentsJournal podcast, […]