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Fraud 101: Bank Verification Systems
Accepting electronic payments has become commonplace across all industries, including small businesses, landlords, and loan providers. Authenticating account owners and verifying these transactions – especially high-value transactions – is critical to minimizing fraud losses and protecting customers whose accounts often become targets of fraud attempts.
PNC, GIACT® Launch New Identity Verification; Authentication Offering
PNC Bank announced today a strategic alliance with GIACT to employ the Epic Platform's verification and authentication technology. PNC commercial clients will be armed with GIACT's real-time fraud prevention tools to confirm an account is open, active and in good standing prior to initiating a payment.
Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners
The new FinCEN regulation is changing how financial institutions must collect data on Beneficial Owners of certain legal entity customers. Download this industry guide to learn how you can lower the costs of compliance.
In case you missed it
In Battling Identity Fraud, Finding The (Synthetic ID) Devil Behind The Details
With the advent of chip cards in the United States, fraudsters have been looking for new avenues through which to continue their criminal enterprises. The data is out there now, more than ever before – and, as he said, all stakeholders need to be proactive in the battle.
GIACT and Advanced Fraud Solutions Announce Strategic Partnership
GIACT® Systems and Advanced Fraud Solutions (AFS) today announced a strategic partnership to enhance AFS’s TrueChecks® solution with GIACT’s EPIC PlatformTM. The joint solution gives retailers and other billers the ability to verify account status and investigate any history of account fraud, prior to accepting payment in order to reduce returned items.
Infographic: The Growing Costs of Identity Fraud
The volume of fraud attempts and the cost-per-incident of losses have increased in recent years. According to Javelin Strategy & Research's, 15.4 million consumers in the U.S. were victims of identity theft in 2016 at an estimated cost of $16 billion.
GIACT Issues Report on FinCEN’s Beneficial Ownership Regulation
GIACT Systems, the leader in helping companies positively identify and authenticate customers, today announced the release of a report, "Streamlining KYC: Best Practices in the Collection and Processing of Beneficial Owners," detailing compliance specifics and best practices around beneficial ownership.
Why Faster Payments Don’t Have To Mean Faster Fraud
For all the buzz about the advent of real-time payments, and the various opportunities it can reportedly unlock, the lingering uneasiness is that speed also brings the potential for more fraud.
Data: Same-day ACH volume vs. fraud
More than half of U.S. financial institutions have made same-day ACH funds available without seeing any major shifts in fraud, according to NACHA. But some observers warn that as same-day ACH introduces broader access and bigger transactions, it will become a bigger temptation for fraudsters.