Securing Faster Payments: Modernizing Account Validation

White Paper

In 2018 alone, ACH network volume reached nearly 23 billion payments – approximately 70 payments per person in the U.S. In the 12 months ending February 2019, payment volume across the ACH network increased 7.2%, reaching over 100 million ACH payments per banking day. Account validation capabilities have not kept pace with the growth of faster payments.

This paper explores the strengths and weaknesses of the most commonly used account validation solutions available and makes recommendations for payment originators looking to bolster their validation practices. It also explores the specific requirements of Nacha’s Account Validation WEB Debits rule and the imminent changes required for your organization to maintain compliance.

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 and insight into compliance with the account validation rule change.

Download the Report

Consumer Scams Rising in Velocity and Sophistication_Press Release
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.

Read More »
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

Read More »