As P2P Payments Increase, So Must Fraud Controls
The demand for P2P payments does not seem to be slowing anytime soon. A study released today by research firm Aite and Early Warning, owner of the bank-based P2P firm Zelle, found that P2P payments will triple by 2020.
In the U.S. alone, Aite projects “over 300% growth from 2015 to 2020—from $100.3 billion to $316.6 billion” in the value of payments transacted.
The three-fold increase in P2P payments is both an opportunity area for banks and fraudsters.
When card numbers are registered fraudulently, “fraudsters may open new accounts to serve as landing sites for the funds they steal,” the report reads. “To avoid laundering these stolen funds, banks must be more zealous than ever before in knowing their customers are who they claim to be.”