James Watts
speaker
202 appearances
1 recordings
1 series
first heard May 2025
last heard May 2025
James Watts’s voice in public audio — every appearance, attributed to the second.
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Appearances
It's a new transaction to try and claim that money or get that money.
So the same pitfalls that reside in other payment vehicles is in faster payments.
But there's more controls that can be put in place within a faster payment type transaction.
because usually if it's done correctly, both sides of the transaction have more information to work with than necessarily with a check, right?
Because with a check, if a bank is using legacy old systems, all they have is that check document.
And if it's a check they've never seen before, then they have no information on that.
You know, that's what I'm saying is, you know, there's controls that can be put in place today, solutions out there that really level the playing field, regardless of what the payment vehicle is.
So I think, you know, the feeling that, you know, faster payments equals faster fraud isn't necessarily true, because like I said before, even the fraud on checks is happening in real time.
It's not waiting for the check to clear to have the fraud.
The fraud happens when the check is deposited.
So where is the difference in where you need your controls at?
That's a sell.
I mean, like I said, even today's check fraud is happening in real time.
So fraud isn't happening any faster, so to speak.
It's just a lack of controls.
Fraud is always fast.
We as an industry need to move from fraud mitigation, which we've traditionally done, to fraud prevention.
I'm going to sell that.
Oh, no.
Here's why.
Showing 121–140 of 202 · page 7 of 11
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