Using ACH Positive Pay to Fight Growing Fraud

Posted by Deborah Peace on Aug 21, 2019 9:30:00 AM


According to AFP’s 2019 survey, payments fraud has become the “new normal” for many organizations today. Reaching a new record last year, 82 percent of financial professionals reported that their organizations were targets of fraud – up four percentage points higher than the previous record-breaking year.

Historically, checks and wire transfers are the top two payment methods most subject to fraud, however, it is worth noting that the survey reported a decrease in fraud across both of these channels. While the slight decrease in fraud via checks and wire transfers may be worth celebrating – down four and three points, respectively – it is unfortunately accompanied by a noticeable increase in fraudulent activity impacting both ACH credits and ACH debits.

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Topics: Fraud Prevention

How to Enhance Fraud Prevention by Empowering Account Holders

Posted by Deborah Peace on May 9, 2019 9:30:00 AM

At PAYMENTS 2019 this week, ACH Alert joined bankers Kim Dodson, CTP, Vice President of Treasury Management at Independence Bank, and Don Youngberg, AAP, Assistant Vice President of Business Services of Mountain America Credit Union, during the panel, “Going Beyond Visibility and Taking Action on Transactions.”

In this session, they discussed how financial institutions can enhance their fraud prevention strategy by empowering customers to detect and respond to suspicious activity before the funds leave their account – a critical area that should be top of mind for financial institutions.

Taking Action to Prevent Fraud

Currently, online banking systems offer visibility for transactions, but they do not allow account holders to take action and protect themselves against suspicious activity. In today’s digital-first world, there is a critical need for banks and credit unions to empower their customers and members to respond to potentially fraudulent activity before it happens.

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Topics: Fraud Prevention

Citizens Union Bank Fights Back Against Wire Fraud

Posted by Deborah Peace on Apr 18, 2019 12:35:51 PM

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.

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Topics: Fraud Prevention

How to Empower Your Business Customers With Actionable Fraud Prevention Tools to Support Strong Growth in 2019

Posted by Deborah Peace on Nov 28, 2018 9:30:00 AM


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.

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Topics: Fraud Prevention

Michigan State University FCU Monitors More Than $8.5 Million in Seven Months with ACH Alert

Posted by Deborah Peace on Nov 7, 2018 9:30:00 AM


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.

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Topics: Fraud Prevention