How Enterprises Can Prevent Faster Payment FraudPeter Tapling of US Faster Payments Council Addresses the Challenges
Faster payments between enterprises pose different fraud-fighting challenges than faster payments involving consumers because of the large size of the payment amounts, says Peter Tapling, board member at U.S. Faster Payments Council.
"Unlike traditional payment mechanisms, where there are rules to recover fraud payments, in faster payments, the moment a company hits the button the payment is gone," Tapling says. "There are many businesses which have dual authentication for large business transactions. I think we are going to see a lot of those kinds of policies and procedures put into place for faster payments for lower dollar value. This might eventually evolve to larger amounts."
In a video interview with Information Security Media Group, Tapling also discusses:
- How enterprises are adapting to faster payments;
- How faster payments fraud differs for enterprises and consumers;
- How authorization mechanisms need to change.
Tapling is a board member at the U.S. Faster Payments Council. He is also the managing director of PTap Advisory LLC, a services firm that helps organizations understand technology in terms that can help support their business strategy. He was founding CEO of Authentify, the company that introduced out-of-band authentication to financial services.