Cyber Week: FedNow is facing “scamageddon”

FedNow is a payment rail that makes instant transfers up to $100k between US bank accounts. It launched last year with 35 early adopting banks and now has hundreds of participating financial institutions, settlement agents, liquidity providers and certified service providers. Once FedNow hits critical mass in US bank support, “all hell will break loose” amid a “scamageddon”, said Uri Rivner, CEO and co-founder at software firm Refine Intelligence, speaking at Cyber Week in Tel Aviv.

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