Gone are the days when money transactions used to take 2-3 days. Real-time payments have completely changed the face of financial transactions cutting the processing time down to seconds. No wonder its market was valued at 23.3 billion US dollars in 2023, with 266 billion real-time transactions globally. With the growing interest in the 24/7 ease RTP brings to the table, it is predicted to expand at a CAGR of 35.5% from 2023 until 2030, reaching the value of 193.7 billion US dollars by the end of the decade. But with modern technology comes modern crimes and frauds, too, real-time payments being no exception. The rapid nature of RTP leaves little room for early fraud detection. That’s where the Request for Payment (RfP) feature comes into the picture. It addresses these frauds so your businesses can receive payments and curtail financial losses. RfP: How it Prevents Fraud? Instant Confirmation and Irreversibility RfPs confirm the real-time payment transactions within seconds and instantly make them irreversible. Using RfP can help your business leave little to no time for fraudsters to abuse the system through chargebacks, fund withdrawals, or manipulative transactions. Enhanced Control and Communication RfP mandates verifying and authorizing each transaction in different ways, ensuring two-way communication between the payer and payee so that any discrepancies in the credit card information or banking details can be detected. Transparency and Traceability Every RfP transaction is recorded in real time, with each request and settlement becoming a part of the transaction audit trail. Business owners benefit from this as you can keep a check on all the transactions seamlessly and detect any fraudulent activity quickly. Use Cases: How can Online Gaming Companies Benefit from RFP for Fraud Prevention? Online gaming and betting platforms are hotspots for RTP fraudsters who thrive in fast-paced and high-stake scenarios. In 2022, a better bet with millions of dollars at a fraction of the real cost on Fanduel. RfPs can prevent such occurrences: Fraudulent Transactions in Online Gaming Fraudsters use stolen credit cards and illegally accessed account details to make several in-game purchases before the real card owner can even detect it. They also make numerous accounts to collect rewards and cash benefits in online games. Online gaming companies can use RfP protocols to authorize and verify each transaction with the player in real-time, enabling clear communication between gamers and platforms to generate an audit trail. Cashback Abuse in Online Gaming Fraudsters create multiple accounts to collect rewards and make payments, then request chargebacks immediately to abuse the cashback feature in online gaming. Using the RFP feature can help gaming companies authorize every transaction, prevent cashback abuse, and only disburse rewards for genuine transactions. Final Thoughts: Is RTP on your roadmap? If so, schedule a demo with Trice today to learn more!