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2024 ACI Speedpay Pulse Report

Emerging billing and payment trends: A spotlight on fraud

Consumer demand and new technology drive rapid advancements within the industry

Consumers seek guidance on security and fraud prevention

According to the Federal Trade Commission (FTC), people reported losing $10 billion to scams in 2023. That’s $1 billion more than in 2022 and the highest ever reported to the commission.

With biller fraud rapidly on the rise, billers must be prepared. Download the annual 2024 ACI Speedpay Pulse Report to understand the evolving fraud threats impacting consumers and the most effective security measures to combat fraud in real time.

Rise in payments fraud: Unauthorized transactions via credit cards, electronic bank transfers, checks, or mobile wallets are increasing, costing businesses more than $41 billion in 2022¹.
New payment methods: Billers need to educate consumers on the steps they can take to protect themselves when using mobile app payments, QR codes, digital wallets, and cryptocurrency.
Identity-related fraud: According to the report, half of the consumers surveyed have reported financial losses due to identity theft.
Security measures: Implementing stronger security measures, such as customer authentication, identity verification, and fraud prevention tools, helps decrease the risk of payments fraud. Worth noting, only 19% of consumers change their passwords monthly.
Technological advancements: More businesses are moving toward using new technologies in fraud management such as machine learning, automatic fraud detection, and multiple authentication tools.

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> 75%

of Americans prefer to pay their bills digitally

18.7%

of consumers report falling victim to online identity theft

< 1 in 3

consumers believe companies properly educate them on data security

Fraud is impacting trust in data security

Consumers are losing trust in data security

Fewer consumers believe their data is more secure than it was five years ago, a belief that has been trending significantly downward for a number of years. While digital channels have proven convenient, identity fraud incidents spread through word of mouth and media coverage can continue to impact consumer trust.

Consumers need stronger passwords

Of those consumers who report rarely changing passwords, or only doing so when prompted, we see evidence that biller outreach to prompt customers to change their passwords in the interest of increased security is both needed and should be increased. It’s on billers to step up here, because apathy around password hygiene plays right into the hands of fraudsters.

Consumers want help with their data security

Fewer than one in three consumers believe companies properly educate them on how they can keep data secure, which is significantly down compared to 2023. Billers could respond to these findings by stepping up efforts to educate consumers about risks such as phishing, which is a major on-ramp for online identity theft and account takeovers.

Previous ACI Speedpay Pulse Reports

¹22 Payment Fraud Trends & Statistics You Should Know in 2024

Get strategic with bill payment security

Billers will always be under pressure to increase payment choices and security as digitization and new fraud tactics see ever more ways to enter the market.

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