For the first time, RDFIs will have a defined role in monitoring ACH payments they receive. This significant development, approved by Nacha members, aims to combat fraud, including business email compromise (BEC), associated with credit-push payments. As Jane Larimer, Nacha President and CEO, points out, "All participants in the ACH Network have a part to play in reducing the incidence of fraud and recovering when fraud has occurred." Learn more in our April 2024 Innovating Payments Executive Summary— Nacha Rules Take Aim at Credit-Push Fraud: https://lnkd.in/ezsgudgX. Plan to join Sean Carter, AAP, APRP, Mark J. Dixon, CTP, AAP, APRP, NCP, Mary Morrison, AAP, APRP, NCP, CAMS, and Patty Presta for a comprehensive two-part series, "Diving Into the Operation Impact of the New ACH Rules," on May 31 and June 07, 2024, where they will delve into the implications of these new rules, offering insights on implementation, procedures, policy updates, audits, risk assessments, and organizational engagement. 🔍 Curious about engaging with third-party providers? 📝 Wondering about new procedures and policy updates? 🤔 Unsure about ACH audits or risk assessments? Get the answers by registering for Diving Into the Operation Impact of the New ACH Rules: https://lnkd.in/e7y73DN2 #ACH #FinancialServices #FraudPrevention #RegulatoryCompliance #ProfessionalDevelopment
NEACH - New England Automated Clearing House Association’s Post
More Relevant Posts
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CEO at Palmera Consulting; Co-Founder & Chief AML Officer at Acceleron Bank; Co-Founder at Hyper-S Research
#FedNow issues reported Friday have seen an increase in #fraud. Of course. While well-meaning, the fraud tools are only as good as the FI individuals using them. And only as good as the collective reporting of the fraud, source, customer info, etc. It drives home a few points if you are one of the 330+ #banks or credit unions using FedNow: 1) Don't expect your ops team and your #AML or fraud team to make the same decisions. If you expect strong anti-fraud movement, give your fraud team access. 2) Context of the customer is key to detecting most fraud - having blinders on (only looking at transactional elements) will most likely not lead to the best decisions now and in the future. 3) Start collecting trends on the ultimate source of fraud if it ends up as a FedNow loss. For example, if there is a fraud loss but your ops/charge-off team marks it as 'new account fraud' but the loss actually occurred via FedNow, that should be a FedNow loss with the source being new account. And of course, reviewing what risk indicators were missed should also be documented for trending - fake ID, low Chexsystem score, etc. #Data is key to knowing how to stop fraud losses. 4) And one of the BIGGEST issues that no one is talking about - you must inquire with your insurance about coverage for FedNow and instant payments. Most bonds are not designed to cover FedNow payments and will leave community banks in a lurch with a much bigger loss exposure (up to $500k). Where are the American Bankers Association (#ABA) and ICBA? They need to be preparing banks to be properly covered. Don't push the benefit of instant payments without proper insurance coverage. Tangentially related to our roundtable last Thursday, Nick Maxwell. #ifollowdirtymoney
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The U.S. Faster Payments Council (FPC), has published a new industry resource, titled Fraud Trends and Mitigation Opportunities. Developed by the FPC Fraud Work Group, this inaugural bulletin is aimed at fostering safer user experiences and bolstering confidence and trust in faster payments https://lnkd.in/dXPfns33
Faster Payments Council: Fraud trends and mitigation opportunities
https://www.paymentscardsandmobile.com
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No, fraud has not emerged as a concern as this headline states, banks know the risks coupled to faster payments. As per Kara Ford “The feedback we received so far is helping inform and then shape the next set of fraud mitigation capabilities and tools” Fraud prevention is an ongoing fight that doesn't end, you need to constantly learn and develop your strategies. #steveshares #fraud #fraudprevention https://lnkd.in/eVJ53nbQ
Fraud emerges as concern for FedNow users
paymentsdive.com
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In preparation for 2024, NICE Actimize fraud experts produced an overview of upcoming trends set to influence the financial industry that is a must-know for anyone fighting fraud and fincrime. Read the blog! https://okt.to/GU28t1 #Fraud #FinancialCrime #FinCrime #Predictions
Fraud Predictions 2024
niceactimize.com
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🌐 For over three decades, Early Warning® has provided network intelligence that helps banks and credit unions make smarter everyday banking decisions. 📊 Our data consortium started in the early ‘90s when several banks joined together to share deposit data, helping them collectively mitigate losses from #depositfraud. 🏦 Since then, we’ve grown to serve a network of 3,500 FIs, government entities, and payment companies with a wide variety of fraud and risk mitigation tools - all backed by our consortium of bank-contributed data, the National Shared DatabaseSM Resource. 💡 In their recent article, Tearsheet looks at how FIs are using shared data, or consortia, in the fight against #fraud.
The network approach to fighting fraud - Tearsheet
https://tearsheet.co
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Combatting check fraud remains a top priority for financial institutions, with Regions Bank and others reporting significant losses. While instant payments via RTP, FedNow, Zelle, and Venmo are gaining traction, checks continue to pose challenges due to evolving fraud methods like 'check-washing' and mail theft. Despite advancements like Check 21 and remote deposit capture, fraud losses remain high, and traditional risk prevention structures fall short in 2024. The need for robust, adaptive fraud prevention solutions like VALID Systems risk decisioning has never been greater. Let's accelerate the transition towards a fraud-resistant future. #FraudPrevention #DigitalPayments #ValidSystems #FinancialSecurity https://lnkd.in/gkq8ux8v
Where check fraud is driving businesses to adopt digital payments
americanbanker.com
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In preparation for 2024, NICE Actimize fraud experts produced an overview of upcoming trends set to influence the financial industry that is a must-know for anyone fighting fraud and fincrime. Read the blog! https://okt.to/TpM1qa #Fraud #FinancialCrime #FinCrime #Predictions
Fraud Predictions 2024
niceactimize.com
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2023 was nothing short of increased payments and fraud events globally... Please have a look at our 2024 Predictions Blog and also hear from NICE Actimize Experts on their individual Fraud Predictions for next year! Jake Emry, MPA - Thank you for spearheading this blog! Yuval Marco, Anurag Mohapatra, Tsafrir Marom, Nate Schneemann, Freddy Arthur, Chen Ari Kirsch, Jon Page
In preparation for 2024, NICE Actimize fraud experts produced an overview of upcoming trends set to influence the financial industry that is a must-know for anyone fighting fraud and fincrime. Read the blog! https://okt.to/TpM1qa #Fraud #FinancialCrime #FinCrime #Predictions
Fraud Predictions 2024
niceactimize.com
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In preparation for 2024, NICE Actimize fraud experts produced an overview of upcoming trends set to influence the financial industry that is a must-know for anyone fighting fraud and fincrime. Read the blog! https://okt.to/eKvCjT #Fraud #FinancialCrime #FinCrime #Predictions
Fraud Predictions 2024
niceactimize.com
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"Little" frauds can quickly add up - and can be more likely to fly under the radar. The @U.S. Department of Justice is cracking down on fraud networks who try to hide their unauthorized charges through flurries of microtransactions. Our specialists can help your financial services organization tighten transaction monitoring and identification of suspicious activities. #Banking #FinancialCrime #FinCrime Story by PYMNTS https://bit.ly/3RMqx51
DOJ Cracks Down on Use of ‘Microtransactions’ to Conceal Fraud
https://www.pymnts.com
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