July 18, 2025
Verituity CEO Ben Turner was recently published in American Banker with an article examining the growing urgency around payments fraud and the need for regulators to rethink how verification is approached in a real-time payments environment.
In Regulators need to lead a rethink of how we deal with payments fraud, Ben responds to the Federal Reserve, FDIC and OCC’s recent request for information on fraud mitigation, noting that fraud-related suspicious activity reports continue to climb and that check fraud has surged dramatically since the pandemic. While international initiatives such as Verification of Payee (VoP) and Confirmation of Payee (CoP) represent meaningful progress, Ben argues that static, one-time verification models are no longer sufficient in today’s digital payments ecosystem.
The article outlines why traditional verification checkpoints fail to account for evolving fraud tactics such as social engineering, synthetic identity fraud and account takeovers. Ben calls for a more dynamic, intelligence-driven approach — one that treats each transaction as its own verification event and incorporates behavioral, contextual and device-level signals to better detect risk.
As regulators consider next steps, the piece underscores a broader theme: payments are only as secure as the systems that verify them. Modernizing verification infrastructure will be essential not only for compliance, but for meaningfully reducing fraud in a rapidly changing financial landscape.
Read the full article in American Banker for Ben’s perspective on how regulators and industry stakeholders can work together to strengthen payments security.