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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.
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.
GIACT Publishes Report Detailing Risks of Same Day ACH Debits
GIACT Systems, the leader in helping companies positively identify and authenticate customers, today issued a white paper discussing the emerging fraud threats to Same Day ACH debit payments as well as GIACT's approach to mitigating fraud.
Securing Faster Payments: Protecting Your Organization and Customers from the Risks of Same Day ACH Debits
NACHA predicts that ACH Originators will generate approximately 1.4 billion Same Day ACH payments per year within ten years of implementation and rollout. Though there has not been a notable increase in fraud losses since same day credits were launched, same day debits represent a substantial risk to originating financial institutions and their customers.