Online banking (ACH) fraud

ACH fraud wreaks havoc on many financial institutions, particularly those whose customers access the ACH payment system via an internet banking channel.

With recent cases of high dollar value losses, and reports of banks suing customers and customers suing banks, there is a clear need for a solution to address this growing problem.

Verafin helps by providing an automated technology solution to identify possible instances of ACH fraud:

• Incoming and outgoing ACH transactions are analyzed for potential fraudulent activity including:
  
  • Excessive value of ACH transactions
  • New payee that was not present in previous transactions
• ACH files are uploaded and scanned in real-time or can be automatically included in the nightly analysis
• Easy-to-follow investigation workflow
• Risk-rated alerts help manage and prioritize your review workload
• Alerts include evidence and statistics to optimize and focus your review and investigation
• Case management helps you organize and document your investigation
• Quickly create and electronically submit a pre-populated Suspicious Activity Report (SAR)

 

See Also:

• Anti-money laundering
• Debit/credit card fraud
• New account fraud
• Stolen check fraud
• Check kiting
• Inactive account (employee) fraud
• Loan fraud
• Identity theft