Securing Faster Payments: Protecting your Organization and Customers from the Risks of Same Day ACH Debits
Eighty-two percent of financial institutions expect a “rapid” or “steady” rise in Same Day ACH debit payments, according to a NACHA survey. In Q2 2018 alone, Same Day ACH debit transactions reached nearly 20 million. Given the benefits of faster payments, further adoption of Same Day ACH debit is likely. In fact, Same Day ACH overall (including debit and credit) increased by 243% in Q2 2018 compared to the same period the previous year (according to NACHA).
However, as financial institutions, payment providers, businesses and consumers start to use Same Day ACH debits, new fraud challenges are likely to arise.
- Risks of Same Day ACH debits
- Protecting payments
- Using technology to gain an edge in preventing faster payment fraud activity