Nacha has submitted comments to the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) in response to the Request for Information on Potential Actions to Address Payments Fraud.

Nacha has a lengthy and robust record in acting to combat fraud. Over the past 25 years, Nacha members have consistently voted to self-impose rules that better protect consumers from unauthorized debits to their bank accounts. More recently, in September 2022, Nacha introduced a new strategy—A New Risk Management Framework for the Era of Credit-Push Fraud—which expands the focus to fraud scenarios involving credit-push payments, including ACH credits. This framework directly led to new rules, again approved by a vote of the Nacha members, to establish new obligations on all participants in the ACH Network.

Nacha’s response to the RFI recommends:

• Clarification and expansion of safe harbors for information sharing.
• Amending Regulation CC to allow for holds of electronic credits suspected of fraud.
• Requiring greater fraud detection by social media and telecommunications companies.
• Applying account-opening Know Your Customer requirements consistently across all providers of financial accounts.

Read Nacha Comments to Federal Banking Regulators on Fraud Request for Information (opens a PDF)