image credit: Adobe Stock

Banks take stock of payment fraud threats

September 28, 2022

Card fraud is an ongoing concern for financial institutions, despite the popularity of newer payment methods, the PYMNTS-Featurespace study, released on Sept. 13, highlighted. But emerging payment methods, including P2P vehicles such as Zelle, Venmo, Cash App and others, are catching up, survey findings suggested.

P2P payment fraud is increasingly a source of tension between consumers and financial institutions. PayPal and Bank of America were recently sued over fraud risks of P2P payments linked to Venmo and Zelle, instances where allegedly fraudulent charges were not refunded.

Read More on Payments Dive