A standout feature of the Real-Time Rail is its emphasis on fraud mitigation. Unlike other jurisdictions that have launched real-time payment systems without centralized fraud capabilities, Canada's Real-Time Rail will be among the first to include centralized fraud services from day one.
Addressing fraud risks is a central focus for the payment ecosystem. It requires a multifaceted approach that leverages technology, system innovations, evolving regulations and education through continued industry collaboration.
Centralized fraud services are essential to delivering a safe and secure real-time payment system and our proactive approach is designed to significantly minimize the risk of fraud to ensure a safer ecosystem for all participants.
The Real-Time Rail: Fraud Management
An outline of the proposed fraud policies and centralized fraud capabilities on the Real-Time Rail.
Fraud and the Real-Time Rail
The foundational fraud build includes new protections that will work in tandem with our member participants’ existing fraud controls. These new fraud controls will strengthen existing efforts and continuously evolve as the fraud landscape shifts and changes. New national Real-Time Rail fraud controls include:
- a fraud transaction score
- a fraud reporting and intelligence platform to keep track of losses and manage participants with outlier fraud results
- a risk list for accounts with prior fraud reports
- a confirmation of payee capability
Payments Canada and our delivery partners continue to gain insights from other jurisdictions in how their real-time payment systems were launched, and we are taking those learnings into consideration for a 'made for Canada' approach to the Real-Time Rail with centralized fraud services. We are committed to taking a proactive approach to fraud mitigation and to delivering a safe and secure real-time payment system to Canada.