What are Faster Payments and Why Should a Security Practitioner Care?
summary
The US is introducing the first new core payment rails in 40 years: RTP is live and FedNow is coming, both using the credit push model and delivering near-instant, final funds so recovery after fraud is limited. Zelle spans ~1,000 contracted banks and ~7,000 app endpoints; RTP reaches >70% of DDAs and processes millions of transactions worth billions monthly. Fraud shifts to APP, BEC, synthetic identity and mule networks; the UK moves 2.1 trillion pounds via faster payments and adopts mitigations like the contingent reimbursement model, Confirmation of Payee and configurable accounts to slow and trace flows.
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chapters (18)
- 0:00Introduction
- 3:17What is a Faster Payment
- 4:36The US View
- 6:00The Marketplace
- 8:40Digital Payments
- 11:43Zelle Fraud
- 13:23RealTime Payments
- 15:44Business Email Compromise
- 17:53Fraud and Risk Management
- 19:21Customer Education
- 20:29Who is using Faster Payments
- 21:20How much is moved through Faster Payments
- 23:05What have they been doing
- 26:56Money laundering
- 28:53Stop people falling for scams
- 31:33How do we put this to work
- 33:34Resources
- 34:26Conclusion
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