When the Kansas City blues shouter Big Joe Turner first performed the immortal “Shake Rattle and Roll” in 1954, there was no way he could know the future hit might as well fit the mood of banks fighting payments perfidy.
In essence, one lyric sums up the predicament the financial industry faces due to payments fraud: “The harder I work, the faster my money goes.”
Indeed, banks are working it very hard when it comes to picking up the pace of payments. But speed can cut both ways and the faster payments fly, the faster fraud swoops in, says Kimberly Sutherland, vice president, fraud & identity at LexisNexis Risk Solutions.
“Just as payments are evolving at a rapid pace with new providers and payment methods, so is their unpleasant companion: payments fraud,” Sutherland says. “Payments fraud is multi-faceted. Most concerns center on who’s transacting and how. Payments fraud is a subset of identity fraud, impacting both consumers and businesses, and occurs when a fraudster has stolen someone’s credit or debit card number or financial account data.”