3 Common Myths About Real-Time Money Movement & Fraud
Busting Myths & Building Confidence as You Take on the Risks of RTMM
Fraud professionals are facing a critical tipping point with the rise of the real-time money movement (RTMM) and its associated fraud risks. With their consumer-friendly, instant, cashless, and mobile-first real-time payment options, RTMM systems are not a trend—they’re a game-changer. The benefits aren’t all for consumers, either; RTMM systems provide FIs with better cash flow management, reduced settlement risk, and streamlined operations. This evolution benefits everyone . . . including fraudsters.
This fast-paced money movement has led to fast-changing “facts” about RTMM. In NeuroID’s work with fraud prevention leaders across the FI ecosystem, we’ve heard firsthand how uncertainty around RTMM and fraud is causing many to hesitate implementation. In this guidebook, we’ve broken down the top three myths we’ve encountered and why they’re likely hindering your adaptability at this pivotal moment in the changing financial world.
In this in-depth guidebook, NeuroID fraud experts break down:
- What FedNow really means for the banking landscape and fraud prevention strategies
- Why real-time payments are more vulnerable to fraud (and how to fortify your defenses)
- The distinct challenges of RTMM adoption in the U.S., and what to expect for 2024 and beyond
- The shifting tides of consumer expectations for real-time digital transactions, and how experts predict this will impact future regulations and RTMM roll-out
- How the availability of RTMM systems is upending the playing field (and what you can do now to stay competitive)