Best Practices to Reduce Identity and Payments Fraud in the Education Sector

White Paper

Fraud schemes, including phishing attacks, ACH fraud, and other payment schemes, have cost schools and universities millions in losses. And with newer, more sophisticated fraud tactics being brought to bear, there’s more to come.

To validate bank account information prior to a transaction, and to reduce the potential for fraud, GIACT, a Refinitiv company — the leader in helping companies positively identify and authenticate customers — released a new white paper, Best Practices to Reduce Identity and Payments Fraud in the Education Sector, detailing the best practices in account validation.

What You’ll Learn

  • Analysis of the upcoming Nacha rule change regarding account validation for WEB debits;
  • Weaknesses of current commonly-used account validation methods; and
  • Best practices in account validation;

Download the Report

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

GIACT’s report, Consumer Scams: Rising in Velocity & Sophistication, looks at the methods scammers used to target U.S. consumers, including email, text, phone, and social media. As detailed within the report’s findings, U.S. consumers were solicited through a wide range of mediums using a variety of tactics to social engineer victims into providing payment and / or sensitive payment information.

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The Impact of Identity Theft and Scams in 2021_webinar
The Impact of Identity Theft and Scams in 2021

virtually every type of financial product, commercial platform, and government support. Simultaneous
scam activity — via social media, phone, text, and email — targeted one in three U.S. consumers in 2021.
What were the results of these activities? And how will organizations deal with and overcome the fraud

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