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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.
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.
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.
ACH Volumes Rising, as is Interest in Fraud Precautions
The increasing momentum in Same Day ACH is creating more demand for ways to verify payments and accounts in real-time.
Fraud 101: Account Takeovers
The commonplace use of advanced technology has created an opportunity for fraudsters. Fraud takes many forms, but identity theft and account takeovers (ATO) pose the greatest risk to victims. Both attack types provide a means for the fraudsters to gain access to personally identifiable information (PII), such as social security numbers and bank accounts, and can wreak havoc.
FinCEN’s Beneficial Ownership Rule Still Causing Headaches for FIs
On May 11, 2018, financial institutions opening new accounts were required to implement greater due diligence on their customers than ever before.