Payment Fraud in 2024: Who is Liable?

Fraud is a billion-dollar business in the Instant Payments era. Statistics show that ecommerce fraud is predicted to exceed $48 billion globally by the end of 2023 alone and could exceed $362 billion between 2023 and 2028.

In 2024, banks will not only contend with the changing liability landscape, but the upcoming adoption of ISO 20022 as well. Both represent a historical shift in the financial services industry. To prepare for a higher degree of liability in a data-rich environment, banks need to address the holistic landscape of fraud mitigation.

This Finextra impact study, produced in association with NICE Actimize, addresses the changing liability landscape and what banks need to do to prepare for regulatory changes and increased fraud protection.

We cover:

Shifting liability and the impact of new PSR regulation
ISO 20022’s impact on the financial industry
Financial industry priorities in 2024
And more.

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