In the world of faster payments, fraud is a hot topic. But is it the technology's fault? Not really. Fraud can happen with any payment method. It's about individuals making mistakes.
Learn more about App Fraud and its implications in the latest episode of our podcast. We dive into the industry's response and the possible changes ahead.
Notes:
💸 The banking industry is going to overreact to address app fraud: David explains why Zell draws the attention of criminals looking to commit payment fraud. [00:36]
❓ The systems that the customers are using operate exactly the way they were designed: is the financial institution responsible for the behavior of their customers? [03:07]
👉 While the banking industry should undertake any reasonable efforts to protect customers, it cannot absolve the customer from the responsibility for their actions: clients are informed that payment to the recipient is final and irrevocable. [05:35]
Links:
A resource from the Federal Reserve on how they will address fraud: https://explore.fednow.org/resources/fraud-at-a-glance.pdf
Article on LinkedIn that has more on APP Fraud and Reg E: https://www.linkedin.com/pulse/does-reg-e-cover-scams-pj-rohall
Email David: david@davidpeterson.com
Connect with David: www.linkedin.com/in/dlpspeaks
Learn more about David: www.davidpeterson.com
Consult with David: www.i7strategies.com
Sail with David: www.i7sailing.com
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Cardiac Cowboys
The heart was always off-limits to surgeons. Cutting into it spelled instant death for the patient. That is, until a ragtag group of doctors scattered across the Midwest and Texas decided to throw out the rule book. Working in makeshift laboratories and home garages, using medical devices made from scavenged machine parts and beer tubes, these men and women invented the field of open heart surgery. Odds are, someone you know is alive because of them. So why has history left them behind? Presented by Chris Pine, CARDIAC COWBOYS tells the gripping true story behind the birth of heart surgery, and the young, Greatest Generation doctors who made it happen. For years, they competed and feuded, racing to be the first, the best, and the most prolific. Some appeared on the cover of Time Magazine, operated on kings and advised presidents. Others ended up disgraced, penniless, and convicted of felonies. Together, they ignited a revolution in medicine, and changed the world.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.