Shaping the Future of Fraud in Real-time Payments
Financial Network Analytics (FNA) President Phillip Straley recently joined Payments Canada’s Summit Series event: Shaping the Future of Fraud in Real-Time Payments. The panel explored practical approaches, technological solutions, and lessons learned to effectively manage financial crime in the era of instant clearing and settlement.
Phillip joined industry experts Kate Franish, Ryan Powell (CIBC), and Paul Andrusyshyn (IBM) for the insightful webinar, which was moderated by Payments Canada’s Darrell Jantzi.
The Challenge of Fraud in Instant Payment Systems
The global shift toward real-time payment systems has brought undeniable benefits to consumers and businesses, offering unprecedented speed and convenience. However, this same speed is being exploited by criminal networks.
During the session, the panelists discussed how the acceleration of money movement requires an equally rapid evolution in defense mechanisms. Understanding the scam and fraud difference is at the core of this challenge. While traditional fraud prevention focuses on blocking unauthorized account access, modern scams involve authorized manipulation—tricking consumers into initiating the real-time payments themselves.
Practical Approaches to Payment Fraud Detection
To counter these evolving threats, financial institutions and national infrastructures must rethink their approach to security. The panel highlighted several key strategies:
Moving Beyond Silos: Relying solely on individual bank data is no longer sufficient. Effective payment fraud detection requires a holistic view of the entire payment ecosystem to identify complex mule networks.
Leveraging Advanced Technology: Utilizing AI and advanced financial network analytics allows institutions to score transactions and accounts based on behavioral network signals before settlement occurs.
Building Shared Infrastructure: The future of fraud prevention relies on collaborative utilities. Implementing shared platforms, such as a National Fraud Portal, empowers banks, payment operators, and law enforcement to trace and freeze illicit funds across multiple rails in seconds.
We would like to thank Payments Canada for inviting FNA to speak at this highly relevant event and for fostering collaboration across the financial ecosystem.
Watch the session:
Catch the complete discussion on practical solutions for managing fraud in real-time payments by watching the full session here: Watch on YouTube: Shaping the Future of Fraud in Real-Time Payments
Footnotes & References
(2) e.g. National Scam response Center (NSRC) and National Fraud Portal (NFP) in Malaysia, Anti-Deception Coordination Center (ADCC) in Hong Kong, AFCX in Australia and Cifas/Action-Fraud in UK
FNA’s BIS Analytics Challenge submission: FNA Money Trails and Fraud Intelligence Sharing. Access the Paper
