The Faster Payments Council (FPC) recently published a new report, Instant Payments Fraud Dispute Resolution: Guiding Principles for the U.S., that provides industry guidance on designing dispute-resolution frameworks for fraud and scams involving instant payments. 

As instant account-to-account payments continue to grow in the U.S., the FPC’s report addresses the unique challenges associated with fraud dispute resolution in irrevocable payment environments.  

The eleven principles outlined in the report are intended to help strengthen consumer and business confidence while supporting the continued adoption of instant payments. 

1. Recognize All Parties Have Important Roles in Mitigating Fraud and Scams 
2. Focus on the Party Best Positioned to Mitigate Fraud, Dependent on Use Case
3. Preserve the Integrity of Instant Payment Design 
4. Establish Structured Dispute Resolution Workflows 
5. Provide Instant Fraud Mitigation and User Awareness 
6. Define Core Responsibilities for Sending Institutions 
7. Define Core Responsibilities for Receiving Institutions 
8. Set Clear Expectations for Merchants and Processors 
9. Support Small Businesses and Vulnerable Consumers 
10. Promote Transparency and ISO 20022-Aligned Exchange of Information 
11. Apply Practical Lessons from Global and Domestic Precedents

Brief explanations follow each principle. 

You can view the full report here.