Real Time Payment is increasing at rapid pace word wide. 79 nations have already implemented some form of RTP rails, and many such rails are about to be rolled out in next 12 months.
In a recent study the key findings from the LexisNexis Risk Solutions Digital Payment Fraud in High Growth Markets Study1 (October 2022) reports all types of fraud have increased by an average of approximately 37% over the past 12 months.
Feedzai Blog2, in October 2022, mentions that “real-time payments means the money lost in a scam is likely gone for good. There are very few options available to recover it. If the money has moved to a second bank, it will likely disappear in a short time.”
Thus, the Fraud and Risk Management solution that needs to be in place would need to be able to deal with multi-channel digital payment frauds including RTP, plus there needs to be a way to trace the money flow quickly to understand the flow of fraud money.
RS IntelliEdge™ is a multi-channel digital payment FRM solution which has been customized for NPCI and deployed in India to protect the digital payments of the nation.
Click to read more on this – https://www.rssoftware.com/rs-intelliedge-central/