As real-time payments continue to grow in popularity, financial institutions are tasked with providing seamless digital payment experiences while combating increasingly sophisticated fraud attempts. The upcoming NextGen Nordics event at the Münchenbryggeriet in Stockholm, Sweden, on April 29, 2025, will highlight how the industry is innovating fraud prevention in the context of instant payments.
Fighting Fraud with Intelligence and Innovation at the Forefront
The Nordic financial ecosystem is rapidly evolving to tackle complex real-time fraud threats, pushing organizations to adopt proactive stances against financial crime rather than merely reacting to it. Nordic institutions are integrating AI-driven analytics, behavioral biometrics, and transaction monitoring as key strategies for fraud mitigation.
The panel session at NextGen Nordics titled "Faster Payments, Faster Fraud – How Are Financial Institutions Addressing the Rising Risk of Fraud in Real-Time Transactions?" will delve into how Nordic financial players are enhancing their fraud risk management while leveraging technology to stay ahead of the curve.
Implementation of Verification of Payee as a Game Changer
A significant advancement in the fight against fraud is the introduction of Verification of Payee (VoP), which matches the recipient’s name with account details before payments are executed. Sweden and Finland are among the first to implement VoP, which has already made a notable impact on reducing Authorized Push Payment (APP) fraud in the region. The successful integration of VoP into real-time payment systems is setting a new global standard for fraud prevention.
NextGen Nordics is designed as a premier forum for addressing pressing issues in payments and fraud prevention, bringing together industry experts, regulators, and innovators from across the Nordic region and beyond.
Drawing Lessons from the UK for APP Fraud
The Nordic countries are closely monitoring the UK’s efforts to reduce APP fraud rates, particularly through measures like fraud reimbursement mandates and the restructuring of the Payments System Regulator (PSR). While the Nordics are not planning to replicate the UK’s approach, there is potential for establishing a shared responsibility model among financial institutions in the future.
At NextGen Nordics, discussions will not only cover the latest fraud prevention technologies but also the collaborative methods needed to address fraud risks across borders. The Nordics are paving the way for a future of secure, seamless digital payments and are setting high standards for innovation in the payment landscape.
Join the conversation at NextGen Nordics 2025 and explore how the Nordic financial sector is establishing new benchmarks in fraud prevention and real-time payment security.