49% of Firms Use Bank Account Data to Flag Fraud
Businesses may be able to strengthen their fraud defenses by putting the bank connections they already have to fuller use. The PYMNTS Intelligence report “Payment Protection: Why Firms Still Aren’t Real-Time Ready” found in August that nearly all firms have secure access to customer bank data with permission, but fewer than half use those connections […] The post 49% of Firms Use Bank Account…
Nearly all businesses have secure access to customer bank data with permission, according to a PYMNTS Intelligence report titled "Payment Protection: Why Firms Still Aren’t Real-Time Ready." However, the report found that fewer than half of firms use this capability to generate real-time fraud alerts from account activity. The survey of 150 senior executives across seven industries that handle substantial payment flows revealed a 20-percentage-point gap between using bank connections to retrieve account and routing numbers versus using them for real-time fraud signals.
Despite 57% of firms reporting an increase in fraud attempts, the findings suggest there is room for improvement in protection through existing tools. Companies can put existing account data to broader use, such as distinguishing higher-risk transactions before money moves, and connect fraud prevention to measurable savings like lower fraud losses, fewer payment failures, and reduced manual review workload.
Written by urgent.news from PYMNTS's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
