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GIACT Publishes Report on Securing Faster Payments, Account Validation Best Practices
Today GIACT announced a new white paper, Securing Faster Payments: Modernizing Account Validation, detailing account validation best practices related to ACH payments and NACHA's upcoming change to its rule requiring that WEB debits be screened for fraud.
White Paper: Modernizing Account Validation
The need for effective Account Validation has never been more urgent, especially when considering the growth of ACH payments. As the speed, volume, and value of faster payments increase, Account Validation capabilities have become essential to the future viability of ACH payments. Learn the latest best practices in securing your Account Validation processes.
Article, Infographics, News,
Infographic: The Changing Landscape of Identity Fraud
Read GIACT's latest infographic following the Javelin Strategy & Research 2019 Identity Fraud Study. Explore six of the latest fraud trends that will impact payments.
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 Platform® 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.
The Changing Landscape of Identity Fraud
According to Javelin Strategy & Research's 2019 Identity Fraud Study, identity fraud remains at historically high levels despite the slight improvements. In this white paper, GIACT explores six key trends that show how fraud has changed in the past year and how it will shape the year ahead.
GIACT® Co-Sponsors Release of the Javelin 2019 Identity Fraud Study; New Account Fraud shows increase of 13%
The growth in New Account Fraud sits in contrast to the decline of overall fraud which dropped 15% from 2017 to 2018. The type of fraudulent new accounts that displayed notable growth were focused on loan origination and included general purpose and store-branded credit cards, online accounts (such as eBay and Amazon), mobile phone accounts, car loans, mortgages, home equity lines of credit (HELOC) and student loans.
Breaking Down Organizational Silos To Break Fraud
Enhancing the customer experience, and keeping the customer and business secure through the entire relationship, is an increasingly complex and vital job, thanks to regulatory and competitive pressures. And that is why it’s important to break down organizational silos to achieve those goals, and to have a know your customer (KYC) process that is holistic and seamless.