Why Fraud Continues to Dominate Faster PaymentsReed Luhtanen of the Faster Payments Council Covers Approaches for Reducing Fraud
Though talks around faster payment have been going on for a long time, fraud continues to dominate the conversation, says Reed Luhtanen, executive director of the U.S. Faster Payments Council.
"We are seeing more and more usage and adoption of these payment types. But there are certain things that there's no way to really plan for. Until you've got real, live transactions in the marketplace, you can do your best to anticipate what's going to happen and learn from other markets," Luhtanen says.
"But ultimately, you need to have real transactions live in production and learn from that activity. What's happening here is: It's a healthy growth thing. Fraud is a problem. In every payment system that exists - and some of them have been around for 50 years or more - there's still fraud in those systems."
In this video interview with Information Security Media Group, Luhtanen discusses:
- Why fraud continues to dominate in faster payments;
- How the market will change if banks reimburse customers for authorized push payment fraud;
- The future of faster payments.
Luhtanen has extensive experience in the payments industry and has served on the U.S. Faster Payments Council's board of directors and on the Federal Reserve-sponsored Governance Framework Formation Team, which created the U.S. Faster Payments Council. He also served on the Corporate Advisory Group for The Clearing House's real-time payments system.