Real-time payments driving real-time fraud

Real-time payments are driving convenience for customers and businesses but there is also an increased risk of real time fraud writes David Higgins, CTO at Eftsure.

There’s no denying that the evolution of payment systems globally, and in Australia, have made B2B and individual transactions considerably more straightforward.

From a business perspective, real-time payments have enabled faster transactions, increased efficiency and reduced processing costs;  and for customers, it has largely enhanced their experience, be it with a business or financial institution.

However, as B2B payment systems continue to evolve, they are increasingly targeted by sophisticated fraudsters seeking to exploit new technologies and processes. This growing complexity heightens the risk landscape for businesses, financial institutions, and individuals alike, as real-time fraud becomes an escalating threat.

Real time payments facilitating fraud

Unfortunately, another byproduct of real-time payments has meant it’s now easier for cybercriminals to move stolen money into accounts and jurisdictions Australian authorities can’t reach. These types of attacks are not just targeted at individuals but major organisations, many of whom are grappling with the pace and complexity of evolving threats. Providing greater access, opportunity and, ultimately, a more seamless experience has come at a cost and it’s time it was given greater consideration.

Cybercrime is becoming increasingly cross-border. International transactions carry higher fraud risks, with varied languages, unfamiliar banking systems, and regulatory complexities all adding to the challenge. With the rise of AI tools also helping cybercriminals increase the scale and personalisation of their fraud attempts, it’s no wonder that businesses, individuals and banks are feeling the heat. Fraud prevention is a constant cat-and-mouse game, and it requires a collective effort to stay ahead.

There’s difficulty for banks in striking the crucial balance between supporting real-time transactions and stopping cybercrime. Meeting expectations for instant and secure payments from customers and businesses becomes a complex task with constant deadlines around supporting real-time payments across the banking system.

Protecting your money

It’s clear that some banks have already done great work around intelligence sharing, which will help them stay on the right side of the Scams Prevention Framework that came into effect earlier this year. The introduction of this framework has meant that liability has been a major topic of discussion in 2025, dialogue that I believe highlights just how complicated and sophisticated scams have become.

While Australia is not alone in tackling the challenge of payment scams, there may be valuable lessons to draw from overseas approaches — particularly the UK’s.

There, a mandatory reimbursement framework has been introduced to help share liability between sending and receiving institutions, ensuring greater consumer protection. Although Australia’s regulatory response continues to evolve, the current approach does not mandate reimbursement nor formally allocate liability between payment providers. At Eftsure, we support stronger safeguards in this space and have introduced the EftsureGuarantee – an Australian-first initiative offering up to $1 million in protection against payment losses caused by social engineering fraud.

It’s clear that greater awareness is needed among Australian businesses and individuals about the risks associated with instant payments – particularly the limited role financial institutions can play once a payment is authorised. While banks are a critical part of the fraud prevention ecosystem, relying solely on them to detect and stop sophisticated scams may leave businesses exposed. Proactive, layered approaches are essential to reducing risk.

The risks that payment fraud poses to businesses have never been higher – it’s obvious that it’s a case of ‘when, not if’ that you are targeted, with the potential cost of inaction for organisations being extremely high.

It is important that industry and government work together in order to raise education levels on risks and outline the solutions available to businesses. The demand for open and speedy transactions will continue to remain, so it’s critical that necessary adaptations are made to ensure operating ease doesn’t come at a monetary and reputational cost to organisations.

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