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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.
> 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.
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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.
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Previous ACI Speedpay Pulse Reports
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.