Customer fraud protection products for banks and credit unions

Over the last several years, the U.S. economy has seen significant growth in small businesses, surpassing 30 million individual businesses and representing 99.9 percent of all businesses in the U.S. These businesses fuel local communities by creating jobs and revenue, making it imperative that their bank partners help ensure profitability and growth in 2019.

This is especially important as industry forecasts indicate a slight plateau in growth. In fact, Kiplinger expects 2019 growth to slow to 2.7 percent from 2.9 percent this year. In their recent forecast, they go on to explain that while Americans will keep spending at a healthy rate because of higher wages and low unemployment, the tight labor market will make it difficult for businesses to expand.

How can financial institutions heighten security measures on transactions while guaranteeing consumers a faster payments process?

In August 2018, the volume of transfers via the ACH Network hit an all-time high – exceeding 2 billion transactions alone according to NACHA. Together, the value of those payments totaled $4.5 trillion, a 12 percent increase from the same time last year. These statistics prove consumers are increasingly using ACH payments for more regular, predictable transactions.

To keep up with demands, financial institutions need to take their payment processing abilities to the next level – and same-day ACH is the way to achieve this. But with the improved experience comes potential new challenges and liabilities that must be considered.

Credit union expands business service offerings with positive pay solutions that empower members with greater control over accounts

According to Experian’s 2018 Global Fraud and Identity Report, 65 percent of businesses have experienced the same or more fraudulent activity compared to the previous year, making it critical for financial institutions to empower their corporate account holders with greater control to combat fraud and the financial risks associated with it.

By arming business members with actionable treasury management solutions that are supported by interactive fraud prevention tools, financial institutions can empower business members to proactively prevent check fraud and dispute unauthorized ACH debits in a timely manner, before the funds ever leave their account.