Accenture AI Leaders Podcast AI Leaders Podcast #71: AI, Fraud & the Future of Real-Time Payments
Apr 24, 2025
David DeLeon, Data & AI Lead for Accenture’s Finance Risk Compliance Practice, and Steven Bufferd, Product Executive at J.P. Morgan Payments with over 30 years in payment processing, dive into the evolving landscape of fraud and real-time payments. They discuss the staggering losses from business email compromises and the need for innovative, multi-layered fraud prevention strategies. The duo emphasizes the importance of technology and training to secure transactions and tackle the dramatic rise in check fraud post-COVID, ensuring financial integrity.
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Rising Fraud Losses in U.S.
- U.S. consumers lost over $12.5 billion to fraud in 2024, a 25% increase from prior year.
- Business email compromise caused $2.9 billion in losses, indicating growing complex financial crime threats.
Authorized Push Payment Scam Example
- A scam called authorized push payment fraud tricks victims into willingly sending money.
- Victims often transfer funds thinking they protect them, only to realize it was a scam after the money is gone.
Global Fraud Mitigation Efforts
- Payment networks globally are introducing fraud mitigation rules to protect faster payment systems.
- Countries including U.S., UK, EU, India, and Australia are enforcing beneficiary verification to combat fraud.