Benjamin Ayer, Author at GIACT

Payments

GIACT Publishes Report Detailing Risks of Same Day ACH Debits

GIACT, a Refinitiv company, today announced that it has added a global consumer and business identity verification solution, gIDENTIFY® Global, to its EPIC Platform. gIDENTIFY Global represents a significant advancement in global identity verification, allowing U.S. organizations to validate non-U.S. persons across 38 countries and businesses across 11 countries, respectively.

Payments

Fraud 101: Account Takeovers

For many small businesses struggling to survive the devastating economic impact of the COVID-19 pandemic, the Paycheck Protection Program (PPP) promised a lifeline.

Compliance

FinCEN’s Beneficial Ownership Rule Still Causing Headaches for FIs

On May 11, 2018, financial institutions opening new accounts were required to implement greater due diligence on their customers than ever before. By law, as issued by the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), FIs must now collect and verify the identity of their legal entity customers’ beneficial owners. The potential cost, according to FinCEN estimates, to FIs and their clients in the first year of implementation alone ranges in the hundreds of millions.

Identity

GIACT Publishes Report Detailing the Increase in Insurance Claims Fraud and Latest Fraud Prevention Tactics

GIACT Systems® – the leader in helping companies positively identify and authenticate customers – today issued a white paper, Beating Fraud, Beating Friction: How Insurers Slash Costs and Delight Policyholders with Payment Innovation, discussing how insurers can protect against fraud. The white paper explores the growth of insurance claims fraud as well as the risks and opportunities associated with insurers’ payment processes.

Enrollments

Beating Fraud, Beating Friction

The increasing sophistication of claims fraud tactics has propelled insurers’ fraud losses to an all-time high. Not only are insurers forced to grapple with steep increases in fraudulent activity, they are also being pressured by their policyholders’ demands for faster claims processing, disbursements, and resolution — as well as minimized policyholder service friction. To stay competitive, insurers need to innovate. Not only updating their policyholder service delivery channels, but also the fraud prevention tools that protect those channels.

Enrollments

Mitigating Utility Fraud with Secure Customer Enrollment

Deficient patient enrollment can result in serious financial and legal repercussions, including instances of medical identity theft and compliance issues. And with more healthcare data available to bad actors, fraud is at an all time high.

Payments

Faster Payment Transactions: Effective Fraud Mitigation Strategies

The Faster Payments Task Force is working toward launching a real-time payments network in the U.S. by 2020. But faster payments could open the door to more fraud, as has been experienced in other countries, such as the U.K. and Mexico. Meanwhile, the U.S. has already experienced fraud exploits on a number of P2P payments networks, including Venmo and Zelle, that offer money transfers between consumers. Those exploits focus on the lack of scrutiny that faster payment transactions receive due to the speed of funds transfers.

Compliance

Are you Prepared for Beneficial Ownership?

On May 11, 2018, a new FinCEN rule went into effect requiring financial institutions to implement greater due diligence on their legal entity customers than previously. FinCEN’s beneficial ownership rule impacts virtually any FI with legal entity customers. According to FinCEN estimates, the potential cost to FIs and their clients in the first year of implementation alone ranges in the hundreds of millions.

Compliance

GIACT Launches Digital Platform to Address Upcoming FinCEN Rule on Beneficial Ownership, Impacting Financial Institutions

Dallas, Texas – GIACT Systems®, the leader in helping companies positively identify and authenticate customers, today announced the launch of Beneficial ID™ – a comprehensive digital platform built to directly address the Financial Crimes Enforcement Network (FinCEN), U.S. Department of the Treasury ruling requiring additional Customer Due Diligence (CDD) on financial institutions’ legal entity customers’ beneficial ownership. Beneficial ID is the first all-in-one digital solution to provide beneficial ownership information collection and KYC, OFAC verification.

Identity

Gaining Visibility into Identity Verification Blind Spots

As the methods of fraud become more sophisticated, the traditional tools and techniques used to verify identity have become less effective over time. Synthetic Identities have quickly emerged as an acute blind spot that resulting in unnecessarily high rates of application fraud and charge-offs. In order to successfully discern between fraudsters and legitimate customers, financial institutions must be able to bring a wide range of capabilities to bear as part of their identity verification workflows.

Use Cases

Solutions

Insights

Refinitiv Introduces Digital Onboarding Solution to Help Businesses Accelerate Secure and Frictionless New Customer Onboarding

Fraud at Enrollment: The Impact of Application Fraud

Nacha Provides ACH Network Rules Update

Refinitiv combines GIACT’s EPIC Platform with World-Check to help protect the consumer lifecycle

Safeguarding Faster Payments: KYC, Account Validation Compliance and Best Practices

The Paycheck Protection Program: Preparing for Round Two

US Open Banking: Shifting Customer Journeys In An Emerging Ecosystem

LSEG Partners With Mastercard to Enhance Digital Identity and Fraud Solutions for Customers

34% of U.S. consumers were targeted by scams in 2021, Aite-Novarica Group consumer survey finds

Addressing Sanctions, Compliance and Risk with Refinitiv World-Check

Nacha’s Account Validation Rule: A Push for Stronger Anti-Fraud Solutions

Refinitiv successfully completes acquisition of GIACT

Benjamin Ayer

GIACT Publishes Report Detailing Risks of Same Day ACH Debits

Fraud 101: Account Takeovers

FinCEN’s Beneficial Ownership Rule Still Causing Headaches for FIs

GIACT Publishes Report Detailing the Increase in Insurance Claims Fraud and Latest Fraud Prevention Tactics

Beating Fraud, Beating Friction

Mitigating Utility Fraud with Secure Customer Enrollment

Faster Payment Transactions: Effective Fraud Mitigation Strategies

Are you Prepared for Beneficial Ownership?

GIACT Launches Digital Platform to Address Upcoming FinCEN Rule on Beneficial Ownership, Impacting Financial Institutions

Gaining Visibility into Identity Verification Blind Spots

Use Cases

Solutions

Insights

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