FedNow is a new instant payment service created by the Federal Reserve. This service allows banks from all over the US to provide instant funds to any of their customers. Any consumer could use FedNow to send and receive payments instantly.

In the coming months, we expect to see an influx of cybercriminals trying to take advantage of FedNow’s popularity in their phishing scams. For example, cybercriminals may send you an email claiming that you were sent a payment through FedNow. The email may state that you need to click a link and enter your bank account information in order to claim the payment. Unfortunately, if you enter your banking information, you won’t receive money in your bank account. Instead, cybercriminals could steal your money for their own malicious purposes.

Follow the tips below to stay safe from similar scams:

• Remember that this type of attack isn’t exclusive to FedNow. Cybercriminals could use this technique to impersonate any instant payment service.
• Always think before you click, even if it “looks” like it’s coming from someone you have done business with in the past. Cyberattacks are designed to catch you off guard and trigger you to click impulsively.
• Be cautious of unexpected payout opportunities. Remember, if something seems too good to be true, it probably is!