Breaking news from EBAday 2026 reveals evolving strategies in the fight against payment fraud. Jonathan Cardwell, Business Development Lead at Banfico, told FinextraTV that verification systems alone cannot stop the rising tide of authorized push payment fraud, specifically because these transactions are legitimately approved by verified account holders.
The key challenge lies in implementing risk-based friction during payment processes without degrading customer experience. Cardwell emphasized that verification should not be viewed as a complete solution but rather as an essential connector linking fraud prevention measures with detection systems. This middle-ground approach acknowledges verification’s strengths while recognizing its inherent limitations against sophisticated social engineering attacks where customers themselves authorize fraudulent transfers.
The comments highlight an industry-wide shift away from singular security solutions toward layered defense strategies as fraud tactics grow more sophisticated.
FXnCO Insight
Financial institutions relying solely on verification protocols should immediately assess implementing additional risk-based authentication layers to protect against authorized push payment fraud.
Source: Finextra