This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
09/13/2023
The launch of FedNow: Fast cash or fast fraud?
Biometric Update
With the launch of FedNow, which will enable every financial institution in the U.S. to offer a modern instant payment solution (should they partake), it’s important to consider some of the lessons learned from other countries, like Brazil’s instant payment system, Pix, which launched in 2020 and transformed the way individuals and businesses transact money, and UPI in India.
Similar to FedNow, Pix and UPI were created to modernize the economy by reducing cash transactions, offering an alternative to existing payment systems, and allowing for faster and more affordable transactions with real-time payments. According to recent data, over 130 million individuals used Pix in the last few months, and that number accounts for nearly two-thirds of the population. In addition, Pix currently processes north of $100 billion in payments, driving down ATM and bank withdrawals by 25 percent since 2002.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information