Faster Payments,

Rising Risks:
Addressing new payment
fraud threats and evolving
customer expectations in
the digital payments era
Contents
Executive Summary.............................................................................................................................................................................................................................. 02

Trends Set to Impact Payments Risk in 2024.............................................................................................................................................................................. 04

Spotlight: Three Payments Fraud Trends .................................................................................................................................................................................... 06

AI, Deep Fakes and the Next Generation Fraud........................................................................................................................................................................ 06
Faster Payments: The Rise of FedNow, RTP and Same Day ACH........................................................................................................................................ 07
Changing Customer Preferences: Digital Accounts, Online Payments and Frictionless............................................................................................... 09

How to Effectively Mitigate Risk..........................................................................................................................................................................................................11

About LSEG Risk Intelligence.............................................................................................................................................................................................................13

Table of figures
1. ACH Network Growth
2. Same-Day ACH Growth
3. Payment methods subject to fraud by type

2
Executive summary
To understand the ongoing challenge of safeguarding payments,
consider this: fraud and innovation are two sides of the same coin.
Over the past year, innovations, consumer trends, and risks have
converged, presenting new challenges for preventing payments
fraud. These challenges include the adoption of digital payments,
the expectations of frictionless, faster payment experiences, and
new AI-driven fraud schemes.
While the emergence of these trends will capture much of the focus
in the months ahead, they add to an already fraught landscape.
The common theme across these challenges is that fraud groups,
who are highly organized and global in scale, are evolving their
tactics and finding new ways to infiltrate payment networks and online
accounts through identity theft and advanced social engineering.
Complicating efforts to slow down fraud’s advance are new
payment systems, vulnerable third-parties, coordination through the
Dark Web, and networks of crypto wallets and mule accounts that have
created both novel entry points and new ways to transfer ill-gotten
gains from account to account. The bottom line is that fraud groups
have developed new and enhanced tactics that make preventing
losses difficult.
Meanwhile, organizations are finding that fraud is not exclusive to
account opening. Fraud groups are targeting every stage of the
customer lifecycle, from enrollment, change event, payment, and
more, signaling their willingness to adjust tactics as new tools and
vulnerabilities arise.
As organizations strive to create a safer environment for payments,
keeping up with fraud’s evolution requires constant improvements
to fraud prevention measures. The rapid, concurrent shifts in market
conditions, emerging technologies, and regulatory requirements,
means organisations must act now to confront multiple challenges
simultaneously, all against the backdrop of a more demanding
consumer.
In this paper, we examine the most consequential trends impacting
payments at present. Included is the effect of AI, the risks associated
with instant payments, and managing changing customer expectations.
The paper will provide insight into how organizations like yours
can navigate these trends, while simultaneously mitigating risk and
balancing customer experience. Central to this effort will be managing
risk across the complete customer lifecycle with better, more robust
data that validates and secures payments instantly and automatically.
Ramesh Menon
Group Director of Product Management
Digital Identity & Fraud Solutions
LSEG Risk Intelligence
Trends Set to Impact Payments Risk in 2024
Several factors have laid the groundwork leading up to the payments
risk landscape currently taking shape.
Identity fraud as a result of synthetic identities and the use of
stolen identities has thrived in recent years. Successful malware
and ransomware attacks on payment processors, credit agencies,
healthcare networks, merchant sites, government databases and
others, have resulted in vast troves of compromised personal and
business data easily accessible to fraud operators on the Dark Web.
Meanwhile, fraud activity has continued at a steady clip with an
estimated three billion phishing emails sent every day.1
Today, compromised data is being leveraged in a range of
identity-based attacks powered by sophisticated technology and
savvy criminal networks.
Overall, payment fraud attempts impacted 65% of organizations
in 2022.2 Contributing to its prevalence, more advanced business
email compromise, account takeover and social engineering
techniques.Enhancements to these tactics have made it possible
for fraud groups to bypass legacy and single-point fraud prevention
measures, going so far as to render some incumbent prevention
systems completely obsolete.
1 “Three billion phishing emails are sent every day. But one change could make life much harder for scammers.”
ZDNet. March 23, 2021. URL Reference: https://www.zdnet.com/article/three-billion-phishing-emails-are-sent-every-
day-but-one-change-could-make-life-much-harder-for-scammers/
2 “Payments Fraud Survey Report.” Association for Financial Professionals. URL Reference: https://www.afponline.
org/publications-data-tools/reports/survey-research-economic-data/Details/payments-fraud
3 “Crimeware-as-a-Service Model Is Sweeping Over the Cybercrime World.” CyberNews. URL Reference:
https://cybernews.com/security/crimeware-as-a-service-model-is-sweeping-over-the-cybercrime-world/
4 “Payments Fraud Survey Report.” Association for Financial Professionals. URL Reference:
https://www.afponline.org/publications-data-tools/reports/survey-research-economic-data/Details/payments-fraud
Meanwhile, the availability of Generative AI, which can be used
to enhance the sophistication of fraud operations, along with the
The Cost of Payments Fraud
rise of crime-as-a-service (CaaS), has created a marketplace for
encryption software, malware, and exposed personally identifiable
information (PII), lowering the barrier to entry for bad actors – even
65%
of organisations were impacted by payment fraud
less experienced ones.3 attempts in 20224
New payment rails and faster, digital payment channels, including
mobile wallets, P2P payment apps and other innovations in payments,
have also made protecting funds as they move across accounts
$48B
total cost of ecommerce fraud in 2023 / $343
increasingly complicated. As more digital payment channels open billion total cost of ecommerce fraud projected
up, and more payment options come to market, the more potential between now and 20275
vulnerabilities will likely emerge and accompanying fraud tactics
brought to bear.
Macroeconomic conditions also play an important role in creating
$8.8B
in consumer losses due to fraud scams in 20226
payments risk. During periods of decelerated economic growth or
joblessness, recruitment in fraud operations ramps-up. If economic
conditions deteriorate in the coming months, organizations will have +30%
a larger pool of organized fraud groups and lone wolf combatants to increase in consumer losses due to fraud scams
contend with. 2022 compared to the prior year7
Taken together, organizations will increasingly find that every stage
of the customer lifecycle, from enrollment, to change events and
payments, is under attack. Enhanced protections will likely need to be
deployed that can help organisations simultaneously navigate new
market innovations and heightened customer expectations.
5 “E-commerce Fraud Trends and Statistics: Merchants Need to Know in 2023.” Mastercard Business Network.
URL Reference: https://b2b.mastercard.com/news-and-insights/blog/ecommerce-fraud-trends-and-statistics-
merchants-need-to-know-in-2023/
6 “New FTC Data Show Consumers Reported Losing Nearly $8.8 Billion to Scams in 2022.” Federal Trade
Commission. February 28, 2023. URL Reference: https://www.ftc.gov/news-events/news/press-releases/2023/02/
new-ftc-data-show-consumers-reported-losing-nearly-88-billion-scams-2022/
7 “New FTC Data Show Consumers Reported Losing Nearly $8.8 Billion to Scams in 2022.” Federal Trade 4
Commission. February 28, 2023. URL Reference: https://www.ftc.gov/news-events/news/press-releases/2023/02/
new-ftc-data-show-consumers-reported-losing-nearly-88-billion-scams-2022/
AI, Deep Fakes and the Next Generation Fraud
First Payments Fraud Trend
“
In the past year, AI has already proven to be a catalyst for significant
leaps in productivity, similar in scale to the assembly line, the launch
of the hard drive and the arrival of cloud computing. However, the
same benefits gained from the legitimate application of AI are also
proving to be powerful tools in the hands of fraud groups.
From deep fakes to AI-generated communications, fraudulent actors
are adopting their own AI-powered campaigns to polish existing
tactics or to deploy new ones.
Deep fakes, a fraud tactic using Generative AI to create voice and/
or video that can mimic a real-life person, is one of the most deceitful
tactics developed to date. According to a recent report, deep fake
fraud increased 1,740% in North America in 2023 compared to the
previous year.8 The earliest record of this scheme dates back to 2019
when, according to The Wall Street Journal, a fraudster was able to
impersonate the voice of a company CEO and request the transfer of
funds. The scheme only required deep fake technology, the phone
number of an individual within the organization, and some knowledge
of the company’s payments.
8 “Deepfake Identity Fraud Surges.” Infosecurity Magazine. URL Reference: https://www.infosecurity-magazine.com/news/deepfake-identity-fraud-surges/
Using deep fake technology, a
”
fraudster was able to impersonate
the voice of a company CEO and
request the transfer of funds.
Other specific threats that employ Generative AI range from account
takeover and business email compromise, to synthetic identity
fraud. Each scheme is targeted at gaming fraud controls or socially
engineering victims. For example, fraudsters could use Generative AI
to create passable communications and identity details. They could
also create profile pictures that take advantage of real-life photos
found online. Using Generative AI to create identities – along with
matching profiles, online accounts, and other identity assets – stolen
from real or made up individuals, and built up over time, fraudsters
can attempt to open an account or takeover an existing account.
5
AI generated identities can also be used to socially engineer victims
into transferring money by leveraging such tactics as business email
compromise, investment scams, or romance scams. And because of the
power of these tools, Generative AI allows fraud groups to deploy these
identity-based attacks faster, with less effort, and at scale.
transactions (reviewing velocity, amounts, merchants, or locations),
account activity, identity data, or it can be programmed to review
customer communications. By using AI in this way, organisations
might be able to pick up on anomalies not easily detected by
fraud investigators.

Concerns over the use of Generative AI for deceptive purposes have
caught the attention of regulators worldwide. An Executive Order from
the Biden Administration has called for the practice of “watermarking”
or embedding information into AI generated content to verify its
authenticity and origin.9 In the UK and EU, similar plans have been
formulated to regulate deceptive AI content, including the use of
labeling or penalties in the form of heavy fines. 10, 11
AI, however, is also emerging as a powerful tool to combat fraud. When
applied to fraud detection, AI’s data sorting and pattern recognition
capabilities can be used to more quickly and effectively spot fraudulent
activity or suspicious identities. For example, AI can be used to monitor
As the quality and breadth of data that feeds the AI improves, its
effectiveness is likely to multiply.
On top of leveraging AI to combat AI generated fraud, organisations
should consider putting stronger fraud controls in place overall. For
example, any organisation onboarding new customers or facilitating
changes to payment information should consider starting ongoing
monitoring in order to build account histories. Establishing layered KYC
protocols is another way organisations can protect themselves from
convincing fake identities. To further authenticate customers, multi-factor
authentication and the use of biometrics will also be important.

9 “Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence.” The White House. October 30, 2023. URL Reference: https://www.whitehouse.gov/briefing-room/presidential-actions/2023/10/30/ex-
ecutive-order-on-the-safe-secure-and-trustworthy-development-and-use-of-artificial-intelligence/
10 “Britain to Label Deepfake Pictures and Videos in AI Crackdown.” The Telegraph. September 17, 2023. URL Reference: https://www.telegraph.co.uk/business/2023/09/17/britain-label-deepfake-pictures-videos-ai-crackdown/
11 “EU Strengthens Disinformation Rules to Target Deepfakes, Bots, Fake Accounts.” CNET. URL Reference: https://www.cnet.com/news/politics/eu-strengthens-disinformation-rules-to-target-deepfakes-bots-fake-accounts/

6
Faster Payments: The Rise of FedNow, RTP and Same Day ACH
Second Payments Fraud Trend

Faster payments offer the benefits of processing speed, high RTP and Same Day ACH Trends
transaction limits and low fees, making them a desirable payment
option for many consumers and businesses. Within the past few Growth of RTP Growth of Same Day ACH
years, new faster payment channels and features have come to Source: The Clearing House13 Source: Nacha14
market, including FedNow, Real Time Payments (RTP), and Nacha’s
Same Day ACH.

FedNow, the newest of the faster payment rails, is managed by the

Federal Reserve. RTP is managed by The Clearing House, which
is owned by the largest commercial banks. ACH, which includes
a faster payment option in Same Day ACH, is managed by Nacha.

According to Deloitte, U.S. faster payment transaction volume is

projected to increase to $4.2 billion in 2024 – up from $734 million
in 2019.12

4Q23
74 million transactions for $39 billion
15% volume growth and 14% value increase from 3Q23

12 “Real-time Payments: Implications of COVID-19.” Deloitte. URL Reference: https://www2.deloitte.com/us/en/pages/financial-services/articles/real-time-payments-implications-covid-19.html

13 “Real-Time Payments (RTP).” The Clearing House. URL Reference: https://www.theclearinghouse.org/payment-systems/rtp
14 “ACH Network Volume Increases in Fourth Quarter; Same Day ACH Value Soars 875%.” Nacha. Accessed December 11, 2023, https://www.nacha.org/news/ach-network-volume-increases-fourth-quarter-same-day-ach-value-soars-875; “Same Day ACH Helps Lead ACH
Network Strong First Quarter Growth.” Nacha. Accessed December 11, 2023, https://www.nacha.org/news/same-day-ach-helps-lead-ach-network-strong-first-quarter-growth; “Same Day ACH Transfers Top $1.2 Trillion in First Half of 2023, Helping Power the Modern ACH
Network.” Nacha. Accessed December 11, 2023, https://www.nacha.org/news/same-day-ach-transfers-12-trillion-first-half-2023-helping-power-modern-ach-network; “Same Day ACH Growth Helps Lead ACH Network to Solid Third Quarter Results.” Nacha. Accessed
December 11, 2023, https://www.nacha.org/news/same-day-ach-growth-helps-lead-ach-network-solid-third-quarter-results

7
While increasingly popular, the benefits of speed come with a price:
faster payments are largely irreversible. This makes mispayments in
cases of fraud or error difficult to claw-back. Fraud operators take
advantage of this fact, specifically targeting faster payments so that
misdirected funds can move quickly from target account to mule
To protect faster payments from fraud, organisations should consider
putting several processes and procedures in place including bank
account validation, identity verification, multi-factor authentication,
velocity tracking, strong KYC and KYB procedures, device
authentication, and more.

“
account to an encrypted digital wallet. Once the funds move this far,
Important to this layered approach of identity and payments
they become virtually impossible to recover.
verification is that it is applied throughout the customer lifecycle,
from enrollment, to change event, to payment, and on an ongoing
basis. Without a baseline of identity and payments history, developed

”
The benefits of speed come through always-on, ongoing monitoring, faster payments might be a
with a price: faster payments fast way for you and your customers to experience fraud.

are largely irreversible. Federal Reserve Fraud Classification Model

Source: The Federal Reserve15

As the adoption of faster payments picks up and the expectation of How was the Products & Services Fraud
Authorized Party
faster settlements becomes normalized, customer demand for these was Manipulated
Authorized Party
Manipulated? Relationships & Trust Fraud

channels will likely increase accordingly. Organisations that don’t

Embezzlement
Authorized How was How did the
transact using Same Day ACH, RTP or FedNow might be expected to the fraud
Authorized Party
Authorized Party False Claim
Party executed?
Acted Fraudulently
Act Fraudulently?
do so. And when they do, those organisations will need to be aware Synthetic ID

of the risks, i.e., that faster payments are difficult to recover and Unauthorized Party
How did the
Unauthorized Party
Compromised Credentials

Modified Payment Impersonated Authorized Party

Modify the Payment
targeted specifically because of their speed. Who
Information
Information? Physical Alteration

Initiated the
Like other types of payments, faster payments are at risk of Payment?

authorized and unauthorized payments fraud. In the case of faster

How did the
payments, these risks can come from social engineering schemes or Unauthorized Party Unauthorized
Compromised Credentials

Took Over Account Party Take Over

payroll fraud (i.e., fraudulent but authorized transactions) or account Unauthorized How was the Account? Impersonated Authorized Party

the fraud
takeover (i.e., fraudulent and unauthorized transactions). Party executed? How Was The
Unauthorized Party Digital Payment
Account Information/
Misused Account Information/ Payment Instrument
Payment instrument Physical Forgery/Counterfeit
Misused?

8
15 The Federal Reserve, “Fraud and instant payments: The basics,” June 2020. URL Reference: https://www.frbservices.org/financial-services/fednow/instant-payments-education/fraud-and-instant-payments-the-basics.html
Changing Customer Preferences: Digital Accounts,
Online Payments and Frictionless User Experiences
Third Payments Fraud Trend

Consumers have grown accustomed to seamless onboarding, login
and payment. In recent years, what consumers expect has changed
so much that in order to compete, customer experience will likely
need to change as well.
The good news is that a thoughtful, seamless user experience
is incredibly effective at boosting the bottom line. According to
Forrester Research, a frictionless user experience has been shown to
increase conversion rates by 400%. In addition, Forrester Research
found that every dollar spent on improving user experience sees a
In payments, eliminating friction and improving user experience has
been a key metric dating back to the ‘90s with the introduction of the
“pain of paying” concept and the rise of credit card acceptance. (The
concept, made popular in behavioral economics, suggests that most
consumers are loss averse and the more time and thought spent
making a payment, the more painful the payment becomes.).
It should be no surprise then, according to PwC, 73% of consumers
cite customer experience as an important factor in their purchase
decisioning while 43% say they would pay more for greater

“
$100 return.16 convenience.17

Online accounts, digital wallets, P2P payment apps, and other digital
experiences have all succeeded in the effort, helping organizations
enhance customer experience and improve transaction volumes.

”
Every dollar spent on However, while mass adoption has followed so, too, has fraud.
improving user experience According to recent reporting, fraud losses on P2P payment apps
sees a $100 return. reached an estimated $1.7 billion in 2022 – a 90% increase from the
year prior.18 Digital wallets also experience high rates of fraud, with
surveyed financial institutions claiming to have seen an increase in
fraud using Samsung Pay (65% of FIs), Apple Pay (60% of FIs), and
Google Pay (52% of FIs).19 Account takeover on digital accounts,
meanwhile, has been recorded to impact a whopping one-third of
U.S. consumers.20

16 “40+ UX Statistics (from 130,000 hours of UX Research),” Baymard Institute. URL Reference: https://baymard.com/learn/ux-statistics
17 Tom Puthiyamadam et al., “Experience is everything: Here’s how to get it right,” PwC. URL Reference: jpmorgan.com/content/dam/jpm/commercial-banking/insights/cybersecurity/download-payments-fraud-Survey-key-highlights-ada.pdf
18 “Peer-to-Peer Fraud Statistics in the Year.” Forbes Advisor. URL Reference: https://www.forbes.com/advisor/money-transfer/peer-to-peer-fraud-statistics-in-year/
19 “Digital Wallets Exhibit Highest Increase in Fraud Among All Payment Methods.” PYMNTS.com. URL Reference: https://www.pymnts.com/fraud-prevention/2023/digital-wallets-exhibit-highest-increase-in-fraud-among-all-payment-methods/
20 “Understanding Account Takeover,” GIACT, 2022. URL Reference: https://giact.com/understanding-account-takeover/
9
The adoption of digital payments and changing customer To capture this growing, financially up-and-coming set of younger
preferences also has much to do with changing demographics. consumers, the payments will need to be both seamless and secure.
At the vanguard of the push for more frictionless user experiences
To balance security and user experience, the introduction of smart
are younger consumers. Companies that want to capture these
friction (such as knowledge-based questions and one-time passwords),
customers, especially those in the Millennial and Gen Z cohort
biometrics and other tools that move beyond relying on password
(who are growing in economic importance), will need to focus on
protection will be important.
seamless digital experiences.
These tools will need to verify identities and payments in real time, and
Not surprisingly, because of their reliance on payment apps (85% of
on an ongoing basis throughout the customer journey to be effective.
consumers 18-29 years of age use these apps) and online accounts,
Much of this work will need to be done in the background without
this same group of younger consumers are also more acutely at risk
slowing down the customer experience, unless totally necessary.
of fraud.22 In fact, according to Deloitte, Gen Z consumers were three
times more likely to be defrauded in online scams than Baby Boomers.23

Digital Wallet Spending by Generation

Source: Forbes Advisors21

<Spend More <Spend Less <Spend the Same

Generation Z 61% 17% 22%

Millennials 51% 25% 20%

Generation X 41% 29% 27%

Baby Boomers 28% 30% 37%

21 “53% Of Americans Use Digital Wallets More Than Traditional Payment Methods: Poll,” Forbes. URL Reference: https://www.forbes.com/advisor/banking/digital-wallets-payment-apps/
22 “Consumer Advisory: Your Money Is at Greater Risk When You Hold It in a Payment App Instead of Moving It to an Account with Deposit Insurance.” Consumer Financial Protection Bureau. URL Reference: https://www.consumerfinance.gov/about-us/newsroom/consumer-advisory-your-
money-is-at-greater-risk-when-you-hold-it-in-a-payment-app-instead-of-moving-it-to-an-account-with-deposit-insurance/
23 “Generation Z vs. Boomers: Who’s Winning the Battle Against Scams and Hacks?” Vox. URL Reference: https://www.vox.com/technology/23882304/gen-z-vs-boomers-scams-hacks/

10
How to Effectively Mitigate Risk

Effectively mitigating identity and payments risk requires a holistic, Managing the Customer Lifecycle
layered approach applied throughout the customer lifecycle. Source: LSEG Risk Intelligence

To start, an onboarding solution capable of parsing between

legitimate and fraudulent customer and business identities while also
verifying bank account information will be important. Included in this
process will be the ability to verify that any bank account a customer
uses is in good standing and that the customer being onboarded is
authorized to transact on the account and is who they say they are.

Ideally, these checks would happen in real time to ensure a positive

customer experience and to reduce customer abandonment.

To combat more sophisticated account takeovers and fake identities,

identity checks might also require some type of out-of-band
authentication or smart friction capable of verifying the customer
via an email or mobile device. (Prior to these additional checks, the
email and/or mobile number being used to authenticate the customer
should have already been verified and matched to the profile and
personal credentials of the customer in question.)

Document authentication (such as a driver’s license or state ID) and

biometrics may also be used. This provides a live touchpoint to help
ensure you’re dealing with the real account holder.

11
In the event of a change of address, password change, new bank
account, or any other change event, a similarly rigorous process
should likely be applied. This will help ensure the protection of existing
customers from instances of account takeover.
With the establishment of a strong ongoing process for managing
identity risk, the monitoring and verification of each and every payment
will be critical. Verifying receiving financial institutions and authenticating
senders will better protect payments from fraud.
Required in all of these checks will be access to a broad database of
personally identifiable information, bank account records, sanctions
records, and more.
In addition, to meet the customer experience standards of today’s
customer, who values a seamless user experience, all of these checks
will need work in real time or be integrated so that they’re easy to
use. Importantly, the process should be flexible and customizable to
cater to different customers’ risk profiles and expectations. Based on
these factors, organisations should have the flexibility to adjust their
verification and authentication at will.
From a process perspective, this would mean employing a dynamic
verification workflow that can adjust the level of friction depending on
the organisation’s risk tolerance.
To accomplish all of these objectives, a single API solution that is easy
to integrate into the customer journey and into your organisation’s
workflow will be key. This includes a solution that can seamlessly
incorporate different data sources and services in a waterfall approach,
and be able to stretch that approach throughout the customer lifecycle.
By striking a healthy balance between a positive customer experience
and a safer environment for payments, organisations will be able to
navigate and combat new risks in payments fraud head on.
12
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LSEG Risk Intelligence is a business division of London Stock Exchange Group (LSEG). We provide a suite of solutions to help organisations efficiently navigate risks, avoid reputational
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across the full customer lifecycle.

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– Verify the identity of your customers and – Access over 4 billion consumer and business – Know who you’re doing business with – Comprehensive risk coverage including
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– Low-friction processes 200+ jurisdictions – Cost-effective and quick production
– Low-code solution

Digital onboarding
– Onboard and convert customers seamlessly, quickly, and with the confidence they’re not – Low-code workflow solution supports quick-to-market products
bad actors – API orchestration platform
– Establish a stronger channel or supplier ecosystem – Highly configurable to your customer journey and risk management requirements

13
LRI3206074/11-23