Customer fraud protection products for banks and credit unions

The 2018 AFP Payments Fraud Survey revealed that wire fraud contributed to 48 percent of total fraudulent transactions hitting organizations. This means wire transfers make up almost half of the fraudulent transactions experienced. With financial institutions processing thousands of commercial transactions each day, checks and wire transfers are the top targets for fraudsters.

The volume of transfers via the ACH Network is at an all-time high, proving that consumers are increasingly using ACH payments for more regular, predictable transactions. NACHA credits the massive growth to both an increase in bill payments and account-to-account transfers, which grew 24 percent, as well as a rise in business-to-business payments, which rose 13 percent.

This increase among B2B payments underscores the demand for ACH among business customers; therefore, financial institutions should consider offering a service that allows businesses to easily exchange payments with other businesses, as they often initiate regular payments between one another.