![]() An ACH payment may be sent a validated account, but is that payment suspiciously out of pattern? Is the transaction genuine, or is the account owner falling victim to a scam? A fraud platform that offers a holistic view of customer activity - credit and debit card transactions, P2P payments, mobile and online payments, ACH transfers are wires - can deliver more comprehensive fraud protection, while affording customers the frictionless ease of zipping money around. My point is that checking accounts are now a mini clearing house for all manner of inflows and outflows. From my mobile banking app, I can even initiate a wire transfer, which in days past was reserved for making large purchases (like a house) or sending money abroad. There are person-to-person payments via Venmo, Zelle, and a host of other services payments via ApplePay, SamsungPay and more as well as an increasing number of ACH transactions. Today, many consumers are hard-pressed to find a single cancelled personal check on their monthly statement. Not too many years ago, the only inflows and outflows on checking accounts were paper checks. However, in my mind, account validation doesn’t go far enough in providing fraud protection. Use financial institution credentials to access the end user’s bank accountsĪny of these options will facilitate compliance with the NACHA WEB Debit rule, which is a considerable step up in fraud protections while still creating minimal friction in the customer experience.Use a verification database to validate the account. ![]()
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