Independent Banker - November 2022 - 5

New threats require new ways of thinking
about fraud detection, prevention and recovery
Nacha report addresses persistent frauds
increasingly making use of credit payments
By Jane Larimer
President and CEO, Nacha
Fraud keeps changing. As it does, participants
in the payments system need to understand
and adapt to emerging fraud scenarios and
develop counterstrategies to help protect their
customers and themselves.
Nacha's previous risk management strategies
for the ACH Network have focused on
protecting consumers, organizations, and their
account-holding financial institutions from
fraud due to unauthorized debits that pull
money from their accounts. Now, however, the
most significant fraud threats to bank account
holders involve fraud and scams that result in
money being sent out of their accounts using
credit payments, including ACH credits, wires,
cards, and other instant and digital payments.
This new Risk Management Framework
identifies current fraud threats that result
in credit-push payments through the ACH
Network and other payment rails, highlights
significant challenges that credit-push fraud
scenarios present, and identifies opportunities
to improve fraud detection and prevention,
and aid in the recovery of funds. As a new
risk management strategy, the Framework is
intended to bring the ACH Network and the
broader payments community together to
address an emerging and important area of
need, and to provide an overarching direction
for new initiatives, guidance, rules and industry
tools.
While Nacha's role in the payments industry is
governance of the ACH Network, credit-push
frauds are broader than ACH payments. The
strategies, themes, and opportunities identified
here are applicable to other payment systems
and methods, and the payments industry
should work together across different payment
methods.
As the Framework demonstrates, a new way of
thinking about fraud detection, prevention and
recovery is needed, as is a cultural change in the
industry about fraud information sharing. All
participants in the payment system, whether
the ACH Network or elsewhere, have roles to
play in working together to combat fraud.
Read " A New Risk Management Framework
for the Era of Credit-Push Fraud " now.
Learn more: Nacha.org/Risk-Management-Framework

http://www.Nacha.org/Risk-Management-Framework

Independent Banker - November 2022

Table of Contents for the Digital Edition of Independent Banker - November 2022

Table of Contents
Independent Banker - November 2022 - Intro
Independent Banker - November 2022 - Cover1
Independent Banker - November 2022 - Cover2
Independent Banker - November 2022 - Table of Contents
Independent Banker - November 2022 - 2
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Independent Banker - November 2022 - Cover3
Independent Banker - November 2022 - Cover4
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