Same Day ACH is now available. As most know, this new NACHA rule went into affect on Friday, September 23rd. This new movement towards faster payments also changes the dynamics of ACH related-fraud and we can expect (as experienced in Europe) to see a rise in ACH related fraud attempts. While it’s important that financial institutions adjust their fraud detection strategies, fraud detection solutions are also on the hook to offer better fraud detection.
The ability to visually see behavioral patterns within the Guardian Analytics solutions offers greater insight into normal session patterns and calls out the anomalies that may indicate fraudulent activity. While a failed login attempt may not seem like a major trigger into suspicious activity, it certainly should not be ignored.
As Same Day ACH offers a progressive step toward faster payments, there is a bigger question revolving around how this will change the dynamics of ACH frauds.
Just recently a customer of Guardian Analytics experienced a fraud case that mirrored the tech scam with one of their account holders. A victim received a call from a “Microsoft Technician” and asked if they could remote access into their system. Call it perfect timing for the criminal as the victim was in fact having computer issues and gave permission to the criminal. This gave the criminal access to place malware on the victim’s computer, and then later gain access to personal information which he used to login to the victim’s online banking account.
Brokerages and financial institution that offer wealth management services [...]