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Navigating Risk and Fraud Management in the World of Bank Transfers

Payments Journal

Digital transformation has accelerated the evolution of financial transactions dramatically in the last decade. Gone are the days when paper checks were the norm, with a recent Philadelphia Fed Study, reporting that since 2009, paper check usage has been dropping by 1.2 billion annually. Instead, bank transfers and digital payments have taken center stage. While these digital payment methods offer convenience and efficiency, they also bring new challenges in risk and fraud.

Businesses can combat these threats by educating themselves on risk and fraud management for digital transactions and by exploring emerging fraud trends in the world of bank transfers. For example, one of the most pressing fraud trends right now is credit push schemes. While getting hacked is a common fear, social engineering remains a more significant concern.


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