Businesses Reassess Fraud Risk In Instant Payments
PYMNTS Intelligence’s January Money Mobility Tracker finds businesses overestimate fraud risk in instant payments, noting legacy checks carry far higher exposure. The report shows 16% of firms experienced payment fraud in the past year, checks are 16 times likelier to be lost, stolen or altered than electronic transfers, and over 40% of fraud attempts now involve AI with average losses above $400,000. It recommends investing in real-time monitoring and governance.
Key Points
- 1Finds checks pose 16 times higher loss, theft, or alteration risk than electronic transfers
- 2Highlights AI involvement: over 40% of fraud attempts involve AI, average losses exceed $400,000
- 3Advises investments in real-time monitoring, detection, and governance for better instant payments security
Scoring Rationale
Industry survey presents actionable, credible findings supporting payments security shifts; limited novelty beyond reaffirming existing fraud trends and perceptions.
Sources
Public references used for this report.
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