Independent Banker - July 2023 - 13
EXPERTS
Game-changing industry insights
for community bankers
Thinking Differently About
Fraud and Payments
Fraudsters are always cooking up new ways to separate people
from their money. Nacha can help with fraud prevention.
Fraudsters are always cooking up new ways to separate people from their money.
Today, frauds that make use of credit-push payments are common, as consumers and
businesses send money from their accounts across a range of payment rails.
Michael Herd
Senior Vice President,
ACH Network Administration,
Nacha
risk@nacha.org
Nacha last year unveiled its " Risk Management Framework for the Era of Credit-Push
Fraud " to raise awareness and encourage the payments community to rethink its
risk management programs and procedures.
Credit-push frauds take different forms, including account takeover, vendor and
payroll impersonation, as well as one of the most prevalent: business email
compromise (BEC). The FBI's Internet Crime Complaint Center received 21,832 BEC
complaints last year, up 9.4% from 2021. Losses in 2022 exceeded $2.7 billion, an
increase of 12.5%.
Those numbers underscore that everyone has a role to play in detecting and
preventing fraud.
This includes the banks that are receiving the fraudulently-moved funds into
accounts at their institutions. These receiving banks can be in the best position to
spot-and act upon-questionable and suspicious credit payments.
Along with raising awareness among customers and members, banks need to
improve communication with each other and increase their willingness to share
information about fraud.
To that end, your first stop should be the ACH Contact Registry, located on Nacha's
secure Risk Management Portal. Created as part of the Nacha Operating Rules, all
financial institutions using the ACH Network are required to enter contact information
for personnel than handle ACH operations and ACH fraud and risk management.
Many also list contacts for other functions including wires, checks and cards. Nacha
has heard from banks that the Contact Registry quickly enabled them to find the
person they need at another bank to help with fraud and other issues. Please be sure
to keep your information updated, not just because it's a Rule, but because it keeps
the Registry a useful tool.
Fraud is an unfortunate fact of life. How we react is important; how we proactively
get in front of it is every bit as vital.
You'll find Nacha's new Risk Management Framework, as well as
additional guidance, at nacha.org/RiskFramework. To access the
ACH Contact Registry, go to nacha.org/nacha-risk-management-portal.
http://www.nacha.org/RiskFramework
http://www.nacha.org/nacha-risk-management-portal
Independent Banker - July 2023
Table of Contents for the Digital Edition of Independent Banker - July 2023
Contents
Independent Banker - July 2023 - Intro
Independent Banker - July 2023 - Cover1
Independent Banker - July 2023 - Cover2
Independent Banker - July 2023 - Contents
Independent Banker - July 2023 - 2
Independent Banker - July 2023 - 3
Independent Banker - July 2023 - 4
Independent Banker - July 2023 - 5
Independent Banker - July 2023 - 6
Independent Banker - July 2023 - 7
Independent Banker - July 2023 - 8
Independent Banker - July 2023 - 9
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Independent Banker - July 2023 - 13
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Independent Banker - July 2023 - Cover3
Independent Banker - July 2023 - Cover4
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