Businesses, institutions, governments, and the average consumer all have one thing in common: they expect to move money electronically, efficiently, and immediately.

Systems such as ACH (Automated Clearing House), Bacs (Bankers’ Automated Clearing Services), TCH RTP (The Clearing House Real-Time Payments) and SEPA Instant (Single Euro Payments Area Instant Credit Transfer) CHAPS were all designed with speed and convenience in mind. Unfortunately, fraudsters also appreciate the ease of digital payments – it allows them to pad their own bank accounts in unsurpassed measure.

How big a problem is payment fraud? A report from BAI shows that digital payment fraud losses are expected to surpass $343 billion globally between 2023 and 2027.¹ Another recent study² found that bad actors have stolen or compromised the personal information of 4 in 10 individuals in the past year.

Fifty-one percent of these victims lost personal funds when fraudsters compromised their accounts, and half said these bad actors had targeted them more than once. At the corporate level, businesses average a loss of $200,000 per successful fraud attempt.