A good example lies in describing the tension between tight security protocols and practices and a positive customer experience. The catchphrase that nails it is “intelligent friction.”

Attribute that one to Graeme Bullock, EMEA sales leader at financial verification company Entersekt. He turned the phrase during a conversation with PYMNTS and a panel that included Nordic payment processor Nexi Group and J.P. Morgan, focusing on the tension mentioned earlier.

Bullock introduced the concept of “intelligent friction,” which emphasizes applying security measures based on the level of risk associated with a transaction rather than a one-size-fits-all approach. This approach ensures that security measures are dynamic and context-specific, reducing unnecessary interruptions for legitimate transactions while effectively targeting potentially fraudulent activities.

As Bullock explained it, intelligent friction involves analyzing multiple factors, including the device used, location, transaction type and user behavior, to assess the risk level accurately.

“Rather than looking at a single point and making a decision based on a rule, it’s more about understanding the full context of the interaction,” he said. “We need to consider the omnichannel approach. Sometimes, I may interact with my financial institution on my laptop, and other times through my mobile app. The institution must make decisions based on my identity regardless of the channel. This requires a seamless integration of data from various sources to create a holistic view of the customer’s behavior.”

The panelists discussing the issue agreed that intelligent friction is crucial in maintaining a balance between security and user experience. As Nexi Group Head of Risk Management Services Sean Neary added, the consumer knows what they are doing when authorizing a transaction. Payment systems, therefore, need to be smart enough to introduce the right level of intervention without disrupting legitimate activities.

However, the picture gets a bit more complicated when larger commercial transactions are in play. As J.P. Morgan Head of Fraud Prevention for Commercial Banking Alec Grant told the panel, in commercial payments, clients are sometimes a few steps removed from personal knowledge of who they’re paying. He applied Bullock’s phrasing to his experience.

“Our friction involves having conversations with clients to ensure they understand the risks and verify the transaction’s legitimacy,” Grant said. “We train our teams in psychological profiling to listen and challenge appropriately. This approach has significantly reduced fraudulent transactions without compromising the client experience.”

The Consortium Approach

Intelligent friction, therefore, represents a nuanced and sophisticated approach to fraud prevention, ensuring that security measures are as seamless as possible while effectively mitigating risks. By using advanced technologies and fostering cross-industry collaboration, financial institutions can protect their customers and maintain trust.

That cross-industry collaboration was an important theme during the panel discussion.

“It’s imperative that we standardize data sharing and classification,” he said. “This ensures that the consortium model is effective in preventing fraud across institutions.”

Neary also highlighted the role of privacy-enhancing technologies in enabling secure data sharing without compromising personal information.

“These technologies allow us to tokenize and standardize [personally identifiable information (PII)] data, facilitating secure and meaningful data sharing across the consortium,” he explained.

The consortium model has worked in specific areas of fraud. For example, Bullock underscored the success of collaboration in reducing authorized push payment (APP) fraud. He said the contingent reimbursement model introduced in the United Kingdom has plateaued the increase in APP fraud, proving to him that collaboration and data sharing are essential in tackling fraud.

APP fraud has emerged as a concern, particularly in Europe and the U.K. Grant highlighted the complexities of this fraud type, where customers are tricked into authorizing payments to fraudsters.

“We are seeing a two-thirds reduction in the clients letting the funds go just by setting up these very specific teams, who are trained to handle these situations,” he said. “It’s fantastic for our clients because they appreciate the extra layer of protection.”

The AI Angle

Artificial intelligence is also playing an increasingly vital role in fraud prevention. Bullock emphasized the importance of AI in creating a multilayered approach to security.

“AI helps us analyze the behavior of an individual and a fraudster,” he said. “We use risk modeling for that, considering factors like location, IP address and device type. This allows us to make informed decisions about the legitimacy of a transaction.”

Grant echoed this sentiment, highlighting the precision AI brings to fraud detection.

“In the last two to three years, we’ve worked closely together to apply AI in identifying fraud,” he said. “We are seeing a significant reduction in interrupted transactions while increasing fraud detection.”

Looking into the future, expect to hear a lot more about intelligent friction and the consortium approach. As financial institutions strive to stay ahead of fraudsters, adaptability and collaboration will remain key. Neary emphasized the importance of a layered, configurable platform that can adapt to different stages of digitalization globally.

“Choose your battles, connection points, and invest in technologies that offer harmony in layered security, ensuring customer satisfaction and trust,” he advised.

Grant shared his vision for the future, where data sharing among banks could reduce fraud losses.

“If we could share information anonymously with other banks, we could collectively make a massive difference in reducing fraud losses to clients,” he said.

Bullock said there is a need for continuous evolution in fraud prevention.

“We’re never going to get to 100%, but by adopting a multilayered, context-aware approach, we can make the best decisions to protect our customers while ensuring a seamless experience,” he concluded.

The post Collaborative Defense: The Role of ‘Intelligent Friction’ and AI in Fraud Prevention appeared first on PYMNTS.com.

Featurespace Chief Operating Officer Tim Vanderham told PYMNTS’ Karen Webster in an interview that “when you think about the billions and billions of dollars that come from scams globally,” the money made from illicit gains overshadows the revenues of some of the largest businesses around the globe.

The conversation came against the backdrop of an article from The Wall Street Journal that detailed the rise of “scam dens,” which operate essentially as business centers with sophisticated setups, complete with separate departments for training fraudsters, “onboarding” unwitting victims and KPIs used to determine whether certain scams are successful or not.

Along the way, fraudsters are proving adept at using artificial intelligence to develop relationships and trust on the part of their victims, preying on human emotions and making off with individuals’ life savings and retirement holdings, draining their bank accounts with brazen speed, notably through authorized push payments.

In the United States alone, Vanderham said, the $2.7 billion in fraud reported just a few years ago represents only a fraction of the true tally — mostly because people are embarrassed to report that they’ve become prey to unscrupulous scams. In the meantime, the crime syndicates are using the stolen funds to bankroll other crimes such as human trafficking and the drug trade.

AI Versus AI

The banks and service providers tasked with battling fraudsters have a challenge when it comes to using AI to, well, fight AI.

“They’re not bound by the same criteria when it comes to leveraging AI and machine learning,” Vanderham said.

Financial institutions (FIs) are bound by ethical concerns and a burgeoning set of regulations that are still being hammered out.

But the data that crosses the financial services system daily, and a collaborative approach to harnessing and analyzing that data can go a long way toward modeling what “genuine human behavior” looks like — building profiles from individuals’ trends and transactions, he said.

Featurespace’s models use behavioral analytics and collaboration to understand, for instance, how the transactional behavior of an individual consumer in London might differ from another individual living in South Africa — or uncover whether a new transaction to Hong Kong might be a red flag if it comes from someone who’s never transacted there before, Vanderham said.

The data “helps banks and FIs with those warning signs,” Vanderham said, which in turn fosters education and a reality check for end users so that they can go through extra validations to ensure that the transactions are warranted and are going where they should be headed.

Featurespace has been investing in advanced algorithms to underpin fraud prevention efforts. Last year it launched TallierLTM, the world’s first large transaction model, which uses generative AI to improve fraud value detection by up to 71%.

“What OpenAI did around language and words, we’ve created for the payments environment — modeling what genuine behaviors and transactions will look like,” Vanderham said.

It will be critical for the public and private sectors to work together to help regulations and technologies evolve.

“We have to make sure that we’re using advanced data algorithms and machine learning over this data to combat the fraud and to do everything we can to allow consumers to transact more freely,” Vanderham noted.

As he told Webster, “We’re prepared to fight against these fraudsters — to take them out, and to beat them at their own game” with AI and machine learning as two of the most prominent lines of defense (and offense) against such criminals.

The post Putting ‘Scam Dens’ Out of Business Means Using AI to Fight AI appeared first on PYMNTS.com.

The attack, the subject of a Tuesday (Aug. 6) report by Reuters, is the latest such incident tied to this year’s summer games.

In this case, criminals targeted the central computer system at the Grand Palais exhibition hall in Paris, where events such as fencing and Taekwondo are being hosted. That computer system also handles data for 40 affiliated museums, French prosecutors told Reuters.

According to the report, the attackers had demanded a ransom payment — to be turned over in 48 hours — and threatened to publish financial data online unless they received an unspecified amount of money.

France’s museums organization, “Réunion des musées nationaux – Grand Palais,” told Reuters it had asked national cybersecurity agency ANSSI to investigate the incident and that no data extraction had been found.

The incident comes a little more than a week after vandals severed a number of fiber optic cables carrying broadband service across France. It was the second attack on France’s infrastructure, following “coordinated” fires on rail lines which disrupted train travel before the opening ceremonies.

PYMNTS wrote last month that cybersecurity professionals approached the Olympics by planning for a number of scenarios that make the global event a target.

“I would anticipate that the cybersecurity threats targeting the 2024 Olympics in Paris will be diverse, sophisticated, and persistent,” Steven Baer, vice president, field sales and services at cybersecurity firm NetWitness, told security news source Dark Reading.

“I would expect to see cyberattacks aimed at stealing sensitive data, disrupting critical infrastructure, sabotaging operations, extorting money, or spreading propaganda and misinformation,” Baer added. “The Games are a prime opportunity for cybercriminals, nation-state actors, hacktivists, and terrorists to exploit the vulnerabilities of a high-profile event with a global audience.”

The previous Summer Olympics, in Tokyo in 2021, were subjected to roughly 450 million cyberattacks, according to technology giant Cisco. That company is an official partner for Paris 2024, and has said it expects eight times more attacks this year.

As PYMNTS wrote recently, it’s part of a broader pattern in this “year of the cyberattack,” one that has seen 82% of eCommerce merchants suffer attacks, with 47% of those companies saying the attacks led to lost customers and revenue.

The post Scammers Target Olympic Venue With Ransomware Attack appeared first on PYMNTS.com.

Wirecard’s former finance chief, Alexander von Knoop, and its former board member for product development, Susanne Steidl, have been charged with several counts of embezzlement, while von Knoop also faces charges of aiding and abetting embezzlement, Reuters reported Tuesday (Aug. 6).

Prosecutors said the former executives approved loans and other payments that were behind on interest and were not certain to be repaid, according to the report.

Three other former Wirecard executives are currently on trial on charges of fraud and falsifying financial statements, including CEO Markus Braun, deputy finance chief Stephan von Erffa and Asia representative Oliver Bellenhaus, per the report.

Wirecard filed for insolvency in June 2020, less than a week after auditors disclosed that $2.1 billion of supposed deposits were missing from two Philippine banks.

At that point, Wirecard’s shares had fallen by more than 90% and the company had lost nearly $12 billion of market value.

Wirecard became one of the biggest financial frauds in years, PYMNTS reported at the time.

The company had seen its shares rise from the low single-digit euros a decade earlier to as high as 200 euros in 2018 and had promised to transform its industry with offerings like a mobile app payment system called Boon.

Things began to unravel when the Financial Times reported in early 2019 that Wirecard had forged documents connected to its Asian business in a bid to mislead regulators. Later that year, it was reported that results at the company’s subsidiaries had been inflated.

The scandal had effects beyond Wirecard itself.

Global accounting firm Ernst & Young (EY) faced a backlash in September 2020 when it was reported that an EY auditor alleged the firm was warned as far back as 2016 that senior managers at Wirecard may have committed fraud and one had tried to bribe an auditor.

In October 2020, it was reported that Germany’s financial watchdog, BaFin, would be granted stronger investigative and oversight powers in the wake of the Wirecard scandal.

The post German Prosecutors Charge 2 Former Wirecard Executives With Embezzlement appeared first on PYMNTS.com.

Built on the company’s watsonx data and AI platform, the new IBM Consulting Cybersecurity Assistant is designed to speed and improve the identification, investigation and response to critical security threats, IBM announced Monday (Aug. 5).

“As cyber incidents evolve from immediate crises to multi-dimensional and months-long events, security teams are facing the enduring challenge of too many attacks and not enough time or people to defend against them,” said Mark Hughes, global managing partner of cybersecurity services, IBM Consulting.

“By enhancing our Threat Detection and Response services with generative AI, we can reduce manual investigations and operational tasks for security analysts, empowering them to respond more proactively and precisely to critical threats, and helping to improve overall security posture for clients,” Hughes added.

According to the release, the tool analyzes “patterns of historical, client-specific threat activity,” helping security analysts comprehend threats via “a timeline view of attack sequences.”

The assistant will also auto-recommend actions based on the patterns of analyzed activity and pre-set confidence levels, speeding response times for clients and helping to lower attackers’ dwell time.

“With the ability to continuously learn from investigations, the Cybersecurity Assistant’s speed and accuracy is expected to improve over time,” IBM said.

As PYMNTS wrote earlier this year, AI is transforming how cybersecurity teams deal with threats, automating the initial stages of incident investigation to allow security professionals to begin their work with a clear understanding of the situation, speeding up response times.

“Tools like machine learning-based anomaly detection systems can flag unusual behavior, while AI-driven security platforms offer comprehensive threat intelligence and predictive analytics,” Timothy E. Bates, chief technology officer at Lenovo, told PYMNTS in an interview.

“Then there’s deep learning, which can analyze malware to understand its structure and potentially reverse-engineer attacks. These AI operatives work in the shadows, continuously learning from each attack to not just defend but also to disarm future threats,” he added.

These efforts are happening amid a wave of cybersecurity challenges in the U.S., where 82% of large merchants reported data and cyber breaches over the past year, according to the PYMNTS Intelligence report “Fraud Management in Online Transactions.”

“The report found that there is a need for stronger anti-fraud strategies and enhanced cybersecurity measures to safeguard cross-border transactions,” PYMNTS wrote last week. “Outsourcing fraud prevention to specialized providers has proven effective, achieving a 32% reduction in failed payment rates compared to in-house efforts. Although only 53% of merchants implement two-factor authentication at the transaction level, its use is crucial for minimizing payment failures.”

The post IBM Debuts AI-Powered Threat Detection Tools appeared first on PYMNTS.com.

“JPMorgan Chase is responding to inquiries from the Consumer Financial Protection Bureau (CFPB) regarding the transfers of funds through the Zelle Network,” the statement read. “In connection with this, the CFPB Staff has informed JPMorgan Chase that it is authorized to pursue a resolution of the inquiries or file an enforcement action. JPMorgan Chase is evaluating next steps, including litigation.”

The filing was flagged in a report by Bloomberg News, which noted that U.S. authorities have been probing banks’ response to abuses of the Zelle network as regulators try to root out scammers abusing peer-to-peer payment networks. The CFPB had not issued any public statements about its concerns about fraudulent transactions via the Zelle network since June 2023, when it posted an “issue spotlight” that stated, “we find that stored funds can be at risk of loss in the event of financial distress or failure of the entity operating the nonbank payment platform, and often are not placed in an account at a bank or credit union and lack individual deposit insurance coverage.”

SEC and Wells Fargo

Wells Fargo revealed in May that the Securities and Exchange Commission (SEC) was investigating its handling of Zelle-related complaints.

“Government authorities have been conducting formal or informal inquiries or investigations regarding the handling of customer disputes related to fund transfers made through the Zelle Network,” the filing said.

Zelle told PYMNTS at the time that its network rules have always required reimbursements for fraudulent transaction claims. In adherence to federal regulations, these rules cover scams in which a fraudster initiates a Zelle transaction from a consumer’s account without permission.

“As of June 30, 2023, our bank and credit union participants must also reimburse consumers for certain qualifying imposter scams,” Zelle said. “The change ensures consistency across our network and goes beyond legal and regulatory requirements.”

Meanwhile, recent research by PYMNTS Intelligence finds that more than half of American consumers are using services like Zelle and Venmo to send money.

“With 51% of Americans using P2P regularly, consumers are increasingly expecting their primary financial institutions to offer P2P capabilities,” PYMNTS wrote Friday (Aug. 2).

“The appeal is clear: convenience, speed, and the added security of dealing with a trusted financial partner. As competition intensifies, banks that fail to provide P2P services risk losing customers to FinTech disruptors.”

However, in spite of their popularity, these platforms are still wrestling with the ongoing threat of fraud. Impostor scams, in which criminals impersonate friends or family to trick victims, have become more sophisticated, with Americans losing more than $2 billion to these scams last year, mostly via P2P payment channels.

“The irreversible nature of many P2P transactions exacerbates the problem, as victims often find it difficult to recover lost funds,” PYMNTS wrote. “This has led to a growing distrust of P2P services, hindering wider adoption, particularly among older demographics.”

The research shows that 28% of P2P payment users report being scammed, with Generation Z and millennial consumers being the most vulnerable.

The post JPMorgan Chase Evaluates Legal Options as CFPB Scrutinizes Zelle Payments appeared first on PYMNTS.com.

The financing, announced last week, will be used for product development, hiring, enhanced sales/marketing efforts and to help the company obtain Federal Risk and Authorization Management Program (FedRAMP) Authority to Operate.

“According to an IDSA [Identity Defined Security Alliance] survey, 91% of organizations experienced an identity-based attack in 2024, and while multifactor authentication (MFA) has been around for decades, most implementations are weak and do not provide true phishing resistance,” said David Canellos, CEO of Axiad. 

“This latest funding round from Invictus further demonstrates its confidence in our mission in the identity security space, which is to enable enterprises and government organizations to deliver an identity-first zero-trust future through advanced authentication solutions, including phishing-resistant MFA, that will help better protect our rapidly growing customer base.”

The new funding comes as businesses around the world face rising cyberthreats, with 82% of large merchants reporting data and cyber breaches over the past year, according to the PYMNTS Intelligence’s “Fraud Management in Online Transactions.”

That report found a need for more robust anti-fraud strategies and enhanced cybersecurity measures to protect cross-border transactions.

“Outsourcing fraud prevention to specialized providers has proven effective, achieving a 32% reduction in failed payment rates compared to in-house efforts,” PYMNTS wrote recently.

“Although only 53% of merchants implement two-factor authentication at the transaction level, its use is crucial for minimizing payment failures. These findings underscore the benefits of using external expertise and adopting advanced security protocols to bolster fraud management and protect financial transactions.”

Merchants who have partnered with these providers reported a lower average failed payment rate of 8.5%, compared to 13% among those managing anti-fraud processes in-house.

“This 32% reduction highlights the advantages of using external expertise and advanced technology that may not be readily available or affordable for all businesses,” PYMNTS wrote. 

Outsourcing lets merchants benefit from sophisticated tools and expertise, reducing operational burdens while improving fraud detection and prevention.

In a separate report last week, PYMNTS noted that recent cyber incidents like the mass CrowdStrike outage create opportunities for criminals, making it increasingly important for businesses to adopt a multifaceted approach to prepare for and mitigate scams arising from digital disruptions.

The post Axiad Raises $25 Million to Bolster ID Verification Offerings appeared first on PYMNTS.com.

The platform, Russian Coms, enabled criminals to place calls that appeared to come from the numbers of financial institutions, telecommunications companies and law enforcement agencies, the NCA said in a press release.

With the help of these spoofed numbers, the criminals then gained the trust of victims and stole their money or personal details, according to the release. They defrauded victims around the world.

“Criminals are increasingly using technology to carry out fraud and other crimes on an industrial scale, causing very real harm to victims in the U.K. and across the world,” Adrian Searle, director of the National Economic Crime Centre within the NCA, said in the release. “The NCA and our partners here in the U.K. and overseas are going after both the criminals and the technology they exploit.”

The Russian Coms platform was established in 2021 and was used by hundreds of criminals, according to the release.

It was available as a handset and as a web app that was marketed on social media, the release said. The handset was offered with a six-month contract costing between 1,200 pounds (about $1,537) and 1,400 pounds (about $1,793), while the web app was available for 350 pounds (about $448) per month.

The NCA arrested three people, including two believed to have been involved in the creation of the platform and one suspected of being a handset courier, per the release. Law enforcement partners in the U.K. and overseas will take action against users of the platform in the coming months.

“Whilst this use of technology, which can be called ‘crime as a service,’ promises anonymity, unbeknown to the criminal users, the services also store the users’ data, so we can identify who they are and how they operate,” Searle said in the release.

This news comes about a week after the NCA said it is working with seven U.K. banks to identify and take action against organized crime. In this public-private partnership, the banks are providing the NCA with account data that indicates potential criminality and investigators from both the NCA and the banks are analyzing that data, along with the NCA’s crime-related data.

The post UK’s National Crime Agency Shuts Down Platform Enabling Scam Calls appeared first on PYMNTS.com.

A recent PYMNTS Intelligence report, “P2P Payment Potential: Promoting Convenience While Protecting Consumers,” in collaboration with The Clearing House, illuminates the growing significance of P2P payments and explores how these platforms balance convenience with consumer protection.

Consumers Demand P2P From Banks

The rise of P2P payment apps has transformed how consumers manage their finances. Initially dominated by FinTech players like Venmo and Zelle, the landscape is evolving.

With 51% of Americans using P2P regularly, consumers are increasingly expecting their primary financial institutions to offer P2P capabilities. The appeal is clear: convenience, speed, and the added security of dealing with a trusted financial partner. As competition intensifies, banks that fail to provide P2P services risk losing customers to FinTech disruptors.

Fraud Casts Shadow on P2P

Despite their popularity, P2P platforms grapple with a persistent challenge: fraud.

Impostor scams, in which criminals impersonate friends or family to deceive victims, have become more sophisticated. The report estimates that Americans lost more than $2 billion to impostor scams last year, with many of these attacks occurring through P2P payment channels.

The irreversible nature of many P2P transactions exacerbates the problem, as victims often find it difficult to recover lost funds. This has led to a growing distrust of P2P services, hindering wider adoption, particularly among older demographics. The report highlights that 28% of P2P payment users say they have been scammed, with Generation Z and millennials being the most vulnerable.

AI-Powered Fraud Prevention

To restore consumer confidence and drive P2P growth, financial institutions must prioritize robust fraud prevention measures.

Advanced technologies like artificial intelligence (AI) and machine learning (ML) are essential tools in this battle. By analyzing vast amounts of transaction data in real time, these systems can identify suspicious patterns and thwart fraudulent attempts. AI can help banks stay ahead of evolving threats by continuously adapting to new fraud tactics.

The report finds that 71% of FIs now use AI and ML to fend off fraudsters. Cloud-based fraud detection systems are showing promise, with 79% of FIs leveraging such platforms reporting confidence in their abilities to secure real-time payments. Successful P2P platforms will be those that can effectively balance user experience with ironclad security.

As the popularity of P2P payment apps like Venmo and Zelle grows, consumer expectations are shifting toward banks providing similar seamless services. The rise in fraud and sophisticated impostor scams poses a challenge.

To counter these threats and restore trust, financial institutions must invest in advanced technologies such as AI and ML for effective fraud prevention. Balancing convenience with strong security measures will be crucial for the success of P2P platforms.

The post More Than Half of US Consumers Use P2P Apps to Send Money appeared first on PYMNTS.com.

That’s according to a report issued Thursday (Aug. 1) by the country’s Payment Systems Regulator (PSR), showing that authorized push payments (APP) fraud reached nearly £341 million ($433 million) last year, a 12% decline since 2022.

However, the volume of fraud cases rose by 12%, from 224,603 in 2022 to 252,636 last year.

“We can see some positive changes with more victims being reimbursed than in 2022,” David Geale, the PSR’s managing director, said in a news release.

“But there is still more to do — particularly for some smaller firms which have much higher rates of receiving fraud than larger firms.”

APP fraud occurs when a scammer tricks someone into sending a payment to an account outside of their control. The U.K. has been trying to crack down on these cases, and has introduced mandatory reimbursement rules for banks — scheduled to go into effect Oct. 7 — whose customers fall victim to the scam.

Under this system, banks and payment companies will be required to reimburse victims of APP fraud up to £415,000 ($528,000) for each claim.

For now, reimbursements are voluntary. Under this framework, the report shows, 67% of the money lost to APP scams was reimbursed, up from 61% in 2022. 

Despite this improvement, the report said, “there is still an inconsistent approach by firms when it comes to reimbursing victims. Currently, only the sending firm makes any reimbursement, ignoring the vital role receiving firms play in preventing scammers from accessing the U.K.’s payments systems.”

The new rules have gotten some push back from the British payments sector, which earlier this year asked regulators to hold off on imposing them for a year.

Riccardo Tordera-Ricchi, head of policy and government relations at The Payments Association, said in June that once the APP fraud reimbursement changes go into effect, “the prudential risk and requirements to participate in the U.K. payments market will increase significantly.”

“It will also result in an increase in cost and friction of real-time payments and a decrease in investment into the U.K. FinTech market due to higher risks of failure and lower profitability,” he added.

In a statement to PYMNTS, Geale argued that the rule change follows two years of “extensive consultation” with the industry, and is needed to fight a surge in APP fraud.

PYMNTS examined the new fraud reimbursement rules in March, arguing that the policy “put banks and payment firms in a tough spot.”

“The new liability placed on them incentivizes them to take measures to minimize the occurrence of such fraud, and to protect themselves from potential losses, banks might opt to revoke or restrict the option for consumers to make authorized push payments — inconveniencing their customers and restricting their ability to make payments at the same speed as their peers in other countries,” that report said.

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