Banks take fraud seriously

Interesting view, but my experience is that banks focus on fixing existing fraud issues rather than putting in place barriers to prevent fraud from happening in the first place.  It is always difficult to justify spending money to fix a problem that has yet to be quantified when there are measurable losses that can be opposed.

I'm not aware that the banks did much in advance of Faster Payments other than to try and fix the internet banking fraud problems from which they were already suffering.

There is definitely a catch up game that, by the nature of the fraud world, is always being played by banks.  I, however, think in terms of Faster Payments, there was experiential knowledge gathered, by the banks, from places that have gone through a "faster payments" shift in the past.  They knew that any current vulnerability would be exploited further and took the first steps by securing them.  It is unfortunate that in many cases there has to be enough loss to warrant the investment in prevention but, in this case, I think many banks did try to pre-empt the problems.

Interesting, but I can only reiterate that this wasn't my experience when discussing the topic with banks prior to go-live. 

Certainly in some cases banks are reviewing their fraud prevention offerings regards FP- specifically through the more obvious channels.

FastPayments.co.uk surveyed a wide range of banks / building societies (both clearing and agency) and found that despite the  "completed flags' being raised either the solutions were temporary / security measure were temporary- or indeed both the processing solution and the security / fraud prevention systems were temporary.

2009 will be the big year in developing the proposition in terms of what is tangible to the customer. We have a number of key FP players watching our blog on linked in- feel free to add your names to the list and discuss this further if you have not already?

Kind regards,

Nick

Nick Blackwell, FastPayments.co.uk