Nacha continually publishes new resources and updates existing tools to help ACH Network participants manage risk. It certainly kept up the pace in 2023. In the end-of-year calm arising from an IT moratorium or customer out-of-office messages, the next couple of weeks offer a good opportunity to review what’s available.
First, with input from its Risk Management Advisory Group (RMAG), Nacha published several blog articles to help Originators, ODFIs and RDFIs comply with rules and regulations, avoid errors, reduce fraud, and respond to incidents of fraud. Some of these articles included checklists to remind users of key steps in initiating a payment or responding to a fraud incident. Blog articles are available on the RMAG page of Nacha.org.
Second, Nacha maintains a robust set of information about current fraud threats. The free e-booklet, “Protecting Against Cyber Fraud,” provides specific information and tips for ACH users to identify and defend against scams and credit-push types of fraud.
Third, Nacha routinely updates its Accredited Payments Risk Professional (APRP) program. Updates help ensure an APRP possesses a comprehensive knowledge of risk management strategies, concepts and mitigation techniques within the payments ecosystem, including checks, wires, ACH, emerging and alternative payments systems, and cards.
Fourth, in 2023, Nacha added a Risk Retreat to supplement the Payments Institute. The retreat was a great success. Watch for registration information for the 2024 program. Attending TPI and the Risk Retreat are great ways to prepare for earning the APRP credential.
Finally, Nacha publishes a complimentary email newsletter containing the latest information on Nacha Operating Rules. In 2023, the newsletter was reframed as Rules News and Risk Management Tools to include risk management topics. To subscribe, Log in to nacha.org, go to My Profile, then My Email Preferences, or, if you don't have a log in, click here. Anyone can sign up, and the newsletter includes no marketing, just news and useful tools.
These are a few of the ways Nacha members and non-members can draw on Nacha’s risk management knowledge. Take advantage of these and other resources to help your organization manage current and emerging risks in the coming year.