Also known as instant or real-time payments, fast payments are characterized by the instant transmission of the payment message and by the immediate availability of funds to the beneficiary on a 24/7/365 basis. While fast payments bring many benefits, they also add complications and increase areas of vulnerability. Because they introduce many new players to a payment system and, ideally, many new users, they also increase the potential for malicious activity in the payment system. To combat this trend, regulators, operators, and end-users have a variety of customer authentication and fraud detection/redressal mechanisms at their disposal.
In this webinar, Colin Colter (Payments Consultant, World Bank) and Francesco di Salvo (Senior Financial Sector Specialist, World Bank) discuss major methods and considerations for Customer Authentication and Fraud Protection in fast payment systems, sharing examples from jurisdictions around the world.