Security · 38 pages
Fraud Economics on Real-Time Rails
Scam fraud, confirmation-of-payee, and the liability frontier
Published June 15, 2025
Abstract
A targeted view of the fraud economics that have emerged on real-time, irrevocable rails and the interventions that actually move the needle.
Key findings
- ▍Authorized push-payment scam remains the dominant fraud category on real-time rails.
- ▍Confirmation-of-payee schemes are the single most-cited intervention with measurable impact.
- ▍Liability allocation between sending and receiving institutions has emerged as a primary policy lever.
- ▍Consumer education is necessary but never sufficient.
Attack patterns
Impersonation, invoice redirection, and romance scam - and the controls that match.
Confirmation-of-payee
Design choices, coverage levels, and measured fraud reductions.
Liability frameworks
UK reimbursement, EU proposals, and emerging U.S. discussion.
Sources & References
- Visa - Visa Economic Empowerment Institute
- Mastercard - Newsroom & Research
- U.S. Federal Reserve - Payments Research
- Bank for International Settlements - Payments, Clearing & Settlement
External references are cited for context and discovery. CashlessTechnology.com is not affiliated with the listed organizations unless explicitly stated.