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
challenge?
Organizations increasingly rely on ACH to facilitate payments. To keep users up-to-date, Nacha — who oversees the ACH Network — provides regular updates to its members on new developments, rules and enforcements. To get a preview of what to expect in the next 12 months impacting ACH payments — from micro-deposit verification, increased payment limits, to account validation enforcement — join Nacha’s Director of ACH Network Rules and GIACT (a Refinitiv company) at 1 PM ET Wednesday, June 22 for a complimentary webinar.
Which customer is real and which is synthetic? Synthetic identity fraud is a growing problem, with the industry struggling to even identify, let alone mitigate, this type of fraud. A lack of general awareness, differing definitions and inconsistent reporting methods contribute to this challenge.
Fresh sanctions are putting a renewed emphasis on the need for organizations to orchestrate compliance and due diligence effectively. To date, the outcomes of these efforts have been varied – many organizations lack access to the breadth and depth of data required to properly vet consumers and businesses, or don’t have the integrations in place to do so in real time.
Criminals have become well-funded, well-organized and more effective at deploying sophisticated fraud tactics and hiding illicit funds. For more than a decade the industry has been calling for a solution to address the converging risks that span identity, payments, and suspicious activity.
On March 19, 2021, Nacha implemented its WEB Debit Account Validation Rule, in part, to protect users from increasingly sophisticated fraud tactics.
Consumers continue to demand robust online and mobile channels for everything from enrollments to transacting and more. Firms must bolster their NAF prevention tools while simultaneously developing their digital service capabilities.
Many consumers fear becoming victims of identity theft, and rightly so.
During the past two years, 47% of U.S. consumers have been victims of their identities being used to open some type of new account or file for benefits without their consent, or had an existing account taken over by a fraudster, with an estimated 42% increase in identity-related losses.
With the recent acquisition of GIACT, Refinitiv adds fraud prevention capability to its risk and compliance solutions, building a comprehensive platform to address fraud, identity theft, money laundering, and payment-related crime.
In this session, our panelists explore new and emerging trends in fraud, and how to identify and combat common vulnerabilities through a combination of advanced risk solutions.
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