Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Payments, Transfers, Rewards
JPMorgan’s New Programmable Payments in Blockchain
Blockchain Payments | Nov 17, 2023
Image: Pexels/Digital Buggu
JPMorgan Chase introduces programmable payments to JPM Coin digital payment infrastructure, its blockchain-based settlement token
- JPM Coin launched in 2019 and was designed to facilitate wholesale payments for institutional clients on a blockchain platform. As of last month, it reached a milestone of handling $1 billion in transactions daily. While this figure is still modest compared to the $10 trillion moved daily by the bank in total, it signifies the growing importance of blockchain technology in mainstream financial operations.
See: Goldman Sachs Funds Blockchain Payments Firm
- Programmable payments: Users of JPM Coin can now set up their accounts to execute payments automatically based on predefined conditions. Previously, JPM Coin users had to establish standing orders for payments at set times.
- This capability allows for a more dynamic and responsive payment system, especially crucial in a financial environment that increasingly operates around the clock. For example, payments can be programmed to cover overdue payments or margin calls when specific conditions are met, offering a more efficient way to manage financial obligations.
Growing Influence of Blockchain in Banking
- The expansion of JPM Coin's transaction volume reflects a significant shift towards digital tokens in financial transactions, offering faster, more secure, and efficient payment solutions.
See: JPMorgan Announces First Transaction on TCN Network
- Further the introduction of programmable payments is expected to pave the way for more advanced applications of blockchain technology in various financial services, potentially leading to broader adoption and innovation in the sector.
One Inc and JP Morgan Partner on Insurance Claims Payments
- One Inc, a digital payments network for the insurance sector, has partnered with J.P. Morgan Payments. This collaboration enables insurance carriers to utilize J.P. Morgan’s liquidity and payments capabilities as part of One Inc’s digital claim payouts platform, enhancing the digitization and depth of the claims experience.
- Jason Tiede, Global Head of Corporate Development & Partnerships, J.P. Morgan Payments" "The insurance vertical has very complex and unique requirements to drive further digitization in the industry, and as such, we are excited to partner with a leading vertical fintech solution like One Inc to unlock new capabilities for joint P&C insurance clients.”
Real Use Cases Emerging
The introduction of programmable payments is a game-changer that allows JPM Coin users to automate their transactions based on specific conditions, moving beyond the limitations of standing orders. This flexibility is crucial in today's fast-paced financial environment, where responsiveness and adaptability are key to managing complex financial obligations efficiently.
See: LQWD’s AI Tech Achieves 4500% Lightning Network Surge
The advancements in blockchain payments, led by JPMorgan's latest initiatives, are not just about technological innovation. They represent a more dynamic, secure, and efficient financial ecosystem.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Goldman Sachs Funds Blockchain Payments Firm
Funding | Nov 17, 2023
Image: Unsplash/Shubham Dhage
Fnality raises £77.7M led by Goldman Sachs for a blockchain payment network, set to transform global financial transactions
Fnality, a blockchain-based wholesale payments firm, has successfully raised £77.7 million ($95.09 million) in its second round of funding. This round was led by Goldman Sachs alongside other prominent financial firms like BNP Paribas, DTCC, Euroclear, Nomura, and WisdomTree participated in this funding round.
With the latest funding, Fnality's total capital raised to date is £132.7 million.
The funds are earmarked for establishing a round-the-clock global liquidity management network, catering to new digital payment models in wholesale financial markets and emerging tokenized asset markets.
See: Understanding the Impact of Blockchain on Banking: Cross-Border Payments
Fnality's Evolution
Fnality International began as a research project focused on understanding how Distributed Ledger Technology (DLT) could transform financial markets. It evolved into a consortium of financial institutions exploring the use of Blockchain and DLT for tokenizing cash assets to settle securities trades, addressing challenges in Financial Market Infrastructures (FMI).
Key Developments:
- Utility Settlement Coin (USC) Project: The initiative was initially known as the USC Project, with a core objective to create a peer-to-peer digital cash asset for settling tokenized transactions with finality.
- Payment Solution Goals: The envisioned payment solution aimed to be available in multiple currencies, capable of interoperating across various business platforms, and represent a digital version of money held in central bank accounts.
After establishing the feasibility of their aims, the consortium members invested in creating Fnality International (Fnality) to enable 'on-chain' payment.
See: Bank Consortium to Launch “Paze” to Challenge Big Tech’s Fintech Dominance
Fnality now includes 17 major institutions as shareholders, such as Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, Euroclear, ING, KBC Group, Lloyds Banking Group, Mizuho Financial Group, MUFG Bank, Nasdaq, Nomura, Sumitomo Mitsui Banking Corporation, State Street Corporation, and UBS.
Next Steps
Fnality is awaiting approval from the Bank of England to commence operations, with plans to launch the Sterling Fnality Payment System in 2023. This system promises to be a game-changer, offering round-the-clock global liquidity management and supporting new digital payment models in both wholesale financial markets and emerging tokenized asset markets.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Canada’s New Retail Payment Regulations: Registration and Compliance
Payment Regulations | Nov 16, 2023
Image by Freepik
The Retail Payment Activities Regulations (Regulations) are set to be published on November 22, 2023.
BLG (Borden Ladner Gervais LLP) recently provided an insightful summary of the upcoming changes in Canada's payment industry titled "Canada’s Retail Payment Activities Framework to take off in November 2024". Here are the key points:
Registration and Compliance
- The Retail Payment Activities Regulations (Regulations) are set to be published on November 22, 2023. These regulations will bring Canada closer to regulating payment businesses, including paytechs and certain fintechs, under a formal retail payments supervisory framework overseen by the Bank of Canada.
- Payment Service Providers (PSPs) must submit a registration application to the Bank between November 1 and November 16, 2024. This window is crucial for PSPs to submit their registration applications to the Bank of Canada.
- By September 8, 2025, the compliance curtain rises, with the Bank notifying applicants of their registration status.The Bank will notify applicants of their registration status by September 8, 2025, which is also when compliance requirements begin.
- During the transition period, the Bank may request additional information from applicants, which will be shared with FINTRAC and the federal Minister of Finance. Registration can be refused for reasons such as non-registration with FINTRAC, providing false information, or national security concerns directed by the Minister of Finance.
See: Insights Into Canada’s Evolving Payments Landscape
- Compliance of the new regulations specify requirements for risk management, safeguarding end-user funds, reporting, registration, and record-keeping. These include annual reviews of risk management frameworks and safeguarding-of-funds frameworks by the business's board of directors.
- The finalized regulations have made some changes from the draft, such as reducing the frequency of independent reviews of the safeguarding-of-funds framework and limiting the application of requirements to third-party service providers.
Who is Caught in the Scope
It is estimated that approximately 2,500 PSPs will be impacted due to the Framework's broad scope.
The Framework applies to any retail PSP, regardless of their location (inside or outside Canada), when they perform one or more of the following payment functions in the context of an electronic funds transfer (EFT):
- Providing and maintaining a payment account.
- Initiating payments.
- Authorizing and transmitting EFTs, or facilitating instructions related to an EFT.
- Holding funds on behalf of end users.
- Providing clearing or settlement services.
See: The Transformative Impact of Instant Payments on Financial Crime Mitigation
Who is Excluded
To prevent regulatory and supervisory duplication, the Act empowers the Governor of the Bank to exempt certain entities or classes of entities from certain provisions of the Framework if they are already subject to substantially similar provisions in another Canadian federal or provincial law.
Specific Exclusions
- Transactions already regulated (or exempted from regulation) under Canadian securities laws.
- Transactions involving SWIFT.
- Payment activities that are considered “incidental” to another service or business. The Bank has committed to providing further information on the meaning of incidental in the near future.
The Framework, therefore, includes a wide range of PSPs, particularly those involved in electronic funds transfers and related activities. However, it also provides for exemptions to avoid overlapping regulations and includes specific exclusions for certain types of transactions and activities. This approach aims to ensure comprehensive oversight of the payment services sector while avoiding unnecessary regulatory burdens on entities already governed by other laws.
See: McKinsey Global Payments On Cusp of ‘Decoupled Era’
Closing Thought
The Framework isn't just about registration. It demands a strategic rethink of your risk management, fund safeguarding, reporting, and record-keeping practices. Annual reviews and board-level approvals are now part of the playbook.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Zelle’s New Refund Policy Might Set New Standard
Payments | Nov 13, 2023
Image: Unsplash/Soliman Cifuentes
Zelle, a payment app owned by major banks including JPMorgan Chase and Bank of America, has recently begun refunding victims of imposter scams in response to pressure from U.S. lawmakers and consumer protection advocates.
Policy Change and Implications
Effective from June 30, this policy covers customers who were duped into sending money to scammers posing as legitimate entities. This move significantly exceeds the current legal and regulatory requirements, which mandate refunds only for unauthorized transactions, such as those made by hackers.
See: Bank CEOs Defend P2P Payments Network Zelle in Senate Hearing Over Consumer Fraud Handling
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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CFPB Eyes Digital Payment Regulation for Big Tech
Regulation | Nov 8, 2023
Image: Unsplash/Rami Al zayat
The Consumer Financial Protection Bureau (CFPB) is making headlines with its latest initiative to expand its regulatory purview over big tech and fintech services.
The agency has made clear its intention to supervise larger nonbank companies, such as PayPal, that offer services akin to digital wallets and payment apps. This move is poised to bring a new level of regulatory scrutiny to tech giants like Google, Apple, and Amazon, which have been increasingly active in the financial services sector.
The CFPB's proposed rule would mandate that nonbank financial companies handling more than five million transactions annually adhere to the same rules as large banks and other financial institutions under its supervision. This proposal is part of a broader effort to ensure that all players in the financial services market, regardless of their technological prowess, operate on a level playing field.
See: Tap-to-Pay Transactions and Big Tech Dominance Is A Thorn for CFPB
According to the CFPB, this market would cover activities previously managed by supervised banks. CFPB Director Rohit Chopra emphasized that the proposed rules are designed to "crackdown on one avenue for regulatory arbitrage" by ensuring that large technology firms and other nonbank payments companies are subjected to appropriate oversight.
- The head of the CFPB has expressed concerns that these companies could potentially leverage consumers' transaction data for their own benefit, a risk that the proposed regulations aim to mitigate.
- The CFPB's move is a response to the significant market share gained by payment apps like Apple Pay and PayPal. The traditional boundaries between banking, payments, and commercial activities have become increasingly blurred, prompting the need for updated regulatory approaches.
The CFPB's proposal has sparked a debate on the balance between innovation and regulation. Patrick McHenry, Chairman of the House Financial Services Committee, has criticized the CFPB's attempt to broaden its regulatory empire, arguing that such action could impede the adoption and development of innovative products and services, ultimately harming consumers and small businesses by limiting choice and competition in the payments system.
Rulemaking Series for Larger Participants
The CFPB's proposed rule is part of a series of rulemakings to define larger participants in markets for consumer financial products and services. The specifics of the proposal include:
See: CFPB Warns: Billions of Dollars Stored on Payment Apps May Lack Federal Insurance
- A market definition that includes nonbank covered persons providing funds transfer or wallet functionalities through digital applications for consumers' general use.
- A test to determine whether a nonbank covered person is a larger participant of this market, based on the annual volume of consumer payment transactions and whether the entity is a small business concern according to the Small Business Administration's (SBA) size standard.
- The requirement for larger participants to remain under this classification for two years from the first day of the tax year in which they last met the criteria.
Public Comments Until Jan 8, 2024
The CFPB's proposed rules are open for public comment until January 8, 2024, or 30 days after publication in the Federal Register, whichever is later. This period represents a crucial window for stakeholders in the fintech ecosystem to voice their perspectives and help shape the future of financial regulation.
See: CFPB Unveils Open Banking and Consumer Data Rights Proposal
NCFA Canada is closely monitoring these developments, understanding the critical role that regulation plays in both protecting consumers and fostering a healthy market for fintech innovation.
View the 69 page PDF proposed rule --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Insights Into Canada’s Evolving Payments Landscape
Payments Report | Oct 31, 2023
Digital Transactions and Evolving Consumer Trends: Insights from Payments Canada's 2023 Report
Drawing insights from the "Canadian Payment Methods and Trends Report 2023" by Payments Canada, this article analyzes the current state of digital payments, highlighting the surge in adoption, the variety of available options, and the shifting consumer preferences that are driving change in the financial sector.
General Overview
- Total Transactions (2022): 20.5 billion transactions valued at $11.7 trillion.
- Market Growth (2022): 4% in volume and 7% in value from 2021.
- Economic Context: Return to pre-pandemic economic activity levels in late 2021, with challenges such as high inflation and rising interest rates in 2022.
Payment Trends and Usage
- Credit and Debit Cards: Dominated transaction volume with growth in usage.
- Cash Payments: Continued to decline, ranking fourth in transaction volume.
- Cheques: Accounted for a small fraction of total volume, decreasing by 45% over the past five years.
See: Bank Consortium to Launch “Paze” to Challenge Big Tech’s Fintech Dominance
- Online Transfers: Showed strong growth with a 328% increase over the past five years.
- EFT and Cheques: Dominated transaction value, combining to represent 87% of total value. EFT value grew by 11% year-over-year in 2022.
- Contactless Payments: Remained popular, although the pandemic's impact on behavior related to these payments has been waning.
- E-commerce: Accounted for 6.5% of retail sales in 2022.
Digital Payments and Innovations
- Usage Acceleration: Significant acceleration due to the COVID-19 pandemic, with high usage of digital and contactless payments.
- Adoption Among Older Canadians: Increased usage of digital payments, including contactless cards, mobile wallets, and stored payment details on websites/apps.
- Emerging Payment Methods: Increased usage in 2022, including "buy now, pay later," digital credit/debit cards, cryptocurrency, and biometric payment technologies.
- Consumer Comfort with Digital Payments: Varied based on age group and type of payment method.
Specific Statistics and Figures
- Comfort with Payment Innovations:
- Wearable Device Payments: 33% (18-34 years), 23% (35-54 years), 12% (55+ years)
- Home Assistant Payments: 18% (18-34 years), 11% (35-54 years), 5% (55+ years)
- Social Media Payments: 17% (18-34 years), 10% (35-54 years), 6% (55+ years)
See: Autonomous IoT Transactions and Micropayments
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- Biometric Store Payments: 44% (18-34 years), 36% (35-54 years), 32% (55+ years)
- QR Code Payments: 32% (18-34 years), 23% (35-54 years), 13% (55+ years)
- Likelihood to Use Specific Payment Innovations:
- One-Click Pay: 39% likely to use
- Invisible Payments: 41% likely to use
- Scan, Pay and Go: 35% comfortable to use
- Interac e-Transfer for In-Store Purchase: 37% comfortable to use
- Digital Payment Usage Among Older Canadians (55+ years):
- Tapping Card at Store: 77% (start of pandemic) to 89% (30 months into pandemic)
- Mobile Payment for Purchase: 14% to 46%
- Stored Payment Details: 29% to 43%
- Usage Increase of Emerging Payment Methods (2022):
- Tappable Smartphone Wallet: 53% increased usage
- Cryptocurrency: 59% increased usage
- Buy Now, Pay Later: 48% increased usage
- Biometrics for Purchases: 26% used in the past year
See: Preparing for Retail Payment Act Changes
- Business and Consumer Payment Preferences:
- EFT Credits for Major Suppliers: 39% of businesses used in 2022
- Importance of Payment Innovation for Business Health and Growth: 24% of businesses believe it's extremely important
- Real-Time Payments Interest:
- Sending Payments in Real-Time: 65% of Canadians interested
- Receiving Payments in Real-Time: 66% of Canadians interested
Future Outlook
It is evident that the Canadian payment landscape is undergoing transformation. The surge in digital transactions, coupled with evolving consumer trends and preferences, is paving the way for a more inclusive, efficient, and innovative financial ecosystem.
See: McKinsey Global Payments On Cusp of ‘Decoupled Era’
Emerging payment methods such as "buy now, pay later," cryptocurrency, and biometric payment technologies are gaining traction, indicating a future where diverse payment options coexist to cater to the varied needs of consumers and businesses alike. The interest in real-time payments further highlights the demand for instantaneous and seamless transactions, a demand that is likely to shape the future of payments in Canada.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Rising Threats: The Global Impact of Push Payment Fraud
Oct 27, 2023
Photo by Sora Shimazaki from Pexels
In this article we’ll discuss, what Push Payment Fraud is and whether it’s a real threat as well as what problems it can cause.
In an increasingly interconnected world, where digital transactions are the norm, push payment fraud has emerged as a significant global threat. This insidious form of cybercrime affects not only individuals but also organisations, causing widespread financial losses and eroding trust in online financial systems.
This article delves into the rising risk of push payment fraud, explores its worldwide implications, and highlights preventive measures, cybersecurity trends, and legal actions aimed at countering these evolving threats.
The Escalating Risk of Push Payment Fraud
Push payment fraud, also known as authorised push payment (APP) fraud, is a type of cybercrime in which individuals are manipulated into transferring money to a fraudulent account willingly. Unlike traditional unauthorised transactions, push payment fraud relies on deception and manipulation rather than hacking.
Push payment fraud schemes have become more sophisticated, and fraudsters employ various tactics to deceive victims. One common method is impersonating legitimate organisations or individuals, such as a bank, a vendor, or even a close friend.
Through carefully crafted emails, phone calls, or messages, fraudsters convince victims to make payments or divulge sensitive financial information.
The global scale of push payment fraud is striking. In the United Kingdom, for example, the UK Finance report revealed a staggering £479 million lost to APP fraud in 2020, affecting thousands of individuals and businesses. The ramifications extend far beyond monetary losses, as victims often experience emotional distress and reputational damage.
The Widespread Consequences
The consequences of push payment fraud are not confined to a single nation; it's a global issue with cascading effects. Here's a closer look at how it affects individuals and businesses worldwide:
Individuals
1. Financial Loss
The immediate impact of push payment fraud is financial. Victims lose their hard-earned money to criminals, often with little hope of recovery.
2. Emotional Toll
Being deceived in a push payment scam can be emotionally devastating. Victims experience a range of emotions, from anger and betrayal to shame and embarrassment.
Photo by Sora Shimazaki from Pexels
3. Trust Erosion
The loss of trust in digital transactions can have far-reaching effects. Individuals may become more sceptical, leading to slower adoption of digital financial services.
Businesses
1. Monetary Loss
For businesses, push payment fraud can result in substantial financial losses. This affects their profitability, hindering growth and sustainability.
2. Operational Disruption
Detecting and addressing fraud can disrupt business operations. This can involve investigations, legal proceedings, and the need for enhanced cybersecurity measures.
3. Reputational Damage
Falling victim to payment fraud can tarnish a business's reputation. Customers may lose trust, impacting long-term relationships and competitiveness.
Preventive Measures and Cybersecurity Trends
Addressing the global impact of push payment fraud requires a multifaceted approach involving individuals, businesses, and regulatory bodies. Here are some key preventive measures and cybersecurity trends that are emerging in response to this growing threat:
Education and Awareness
Educating individuals and employees about the tactics used by fraudsters is crucial. Raising awareness can help people recognise and avoid falling victim to push payment scams.
Two-Factor Authentication (2FA)
Implementing 2FA can add an extra layer of security to financial transactions. This requires users to provide two different authentication factors, such as a password and a one-time code, making it more challenging for fraudsters to gain access.
Real-Time Payment Monitoring
Businesses are increasingly using real-time monitoring systems to detect and prevent fraudulent transactions. These systems can spot suspicious activities and halt transactions before money is transferred.
Legal Action and Regulation
Governments and regulatory bodies are taking legal actions to combat push payment fraud. In the UK, the introduction of the Contingent Reimbursement Model (CRM) Code is a significant step toward protecting consumers.
Collaboration
Collaboration between financial institutions, law enforcement agencies, and businesses is essential to address push payment fraud effectively. Sharing information and best practices can improve collective defences.
Artificial Intelligence (AI) and Machine Learning
AI and machine learning are being employed to identify patterns and anomalies associated with fraud. These technologies can enhance the detection of fraudulent activities.
Protective Legal Actions Have Been Taken
In response to the rising threat of push payment fraud, the UK introduced the CRM Code in 2019. This voluntary code sets out standards for banks and other payment service providers to adhere to when determining whether victims should be reimbursed.
The code outlines circumstances under which victims can expect to be reimbursed and encourages better industry cooperation to combat fraud. The CRM Code has been a significant development in the fight against push payment fraud, offering consumers greater protection.
Photo by Tima Miroshnichenko from Pexels
The rising threats of push payment fraud…
Push payment fraud is not just a local or regional problem, it's a global issue with far-reaching consequences. Its impact on individuals and businesses extends beyond financial losses, affecting trust, emotional well-being, and reputation. As the world becomes more digitally connected, the threat of push payment fraud continues to grow.
In response to these challenges, a combination of education, awareness, technological advancements, and legal actions is essential to mitigate the global impact of push payment fraud. By staying informed, implementing security measures, and collaborating across sectors, we can work toward a safer digital space for individuals and businesses worldwide.
See: Trust Fallacy: 75% of Payment Fraud in Crypto is Carried Out by KYC-verified Accounts
The rise of push payment fraud is a global concern with significant consequences. Preventive measures and trends in cybersecurity are emerging to counter this threat, and legal actions, such as the CRM Code in the UK, offer consumers greater protection. Push payment fraud requires a collective effort to safeguard the global community from its damaging effects.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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