The U.S. Faster Payments Council (FPC) has unveiled its latest report, International Practices in Mitigating Faster Payments Fraud, sponsored by Nasdaq Verafin. This in-depth resource provides valuable insights into how leading international markets address fraud in faster payments, offering actionable strategies for enhancing fraud mitigation in the United States.
The report explores anti-fraud measures from countries like the United Kingdom, Australia, Singapore, and Brazil, identifying six key strategies that have proven effective worldwide. By comparing these practices, the FPC offers a roadmap for U.S. stakeholders to strengthen the security and resilience of the nation's faster payments ecosystem.
“Fraud involving faster payments is a growing challenge that requires vigilance and innovation,” stated Lee Kyriacou, Chair of the FPC Fraud Work Group. “This new report provides a comparative analysis of international experiences and offers lessons that can guide the U.S. payments industry on its journey toward faster payments.”Key strategies highlighted in the report include:
- Enhanced authentication mechanisms
- Advanced transaction monitoring systems
- Confirmation of payee practices
- Improved information sharing
- Robust consumer protection measures
The findings underscore the importance of collaboration across financial institutions, regulators, and technology providers. Successful global models demonstrate how intelligence sharing before and after transactions can significantly reduce fraud risks.
“The FPC is proud to deliver resources that empower the industry to address fraud collaboratively and effectively,” said FPC Executive Director Reed Luhtanen. “This report not only showcases proven international strategies but also serves as a call to action for U.S. stakeholders to adopt innovative approaches to safeguard consumers, businesses, and financial institutions.”
Nasdaq Verafin Vice President Colin Parsons emphasized the value of leveraging global insights: “Collaboration and innovation are essential in combating fraud. We are proud to partner with the FPC on this report, which highlights the growing problem of payments fraud. Together, we can enhance the security and resilience of the U.S. payments landscape.”
The report, now available for download from the FPC's Faster Payments Knowledge Center, is part of the Council’s broader mission to tackle complex topics such as interoperability, financial inclusion, and cross-border payments while addressing fraud and security risks.
With this latest resource, the FPC continues to guide the industry toward safer, more efficient faster payment systems in the U.S.
