Push payment fraud rules tighten overseas

Sending and receiving banks are now required to have higher levels of compliance and accountability.

We are seeing tighter rules and regulations around “push payments” payments initiated by the payor, to help with fraud detection. However this is overseas and how banks are required to monitor and police this through tighter transaction monitoring. Over time this will have a natural flow-on effect into the New Zealand and Australian markets driven by global standards and FATF compliance

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It's really good to see oversea’s practices moving with the times and doing more to stem the ever increasing rise in fraud. In particular, business email compromise (BEC), is surging in popularity with fraudsters and scammers as their first choice of tool, to covertly sneak false invoices to your organisation for payment, under the guise of masquerading as one of your existing suppliers or contractors.

This is an area where we offer fastidious protection and piece of mind for businesses from medium size right up to enterprise level. Whether your annual transactions are in the millions or billions of dollars, we can help.

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