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On Oct. 31, 2019, Nacha submitted a comment letter to the Federal Reserve Board of Governors in response to the recent notice and request for comment regarding the proposal to develop a new real-time payment and settlement service, called FedNow. In the …
Top Ways the ACH Network Can Help Consumers, Businesses and Government During the National Emergency
During the current national emergency, the ACH Network is operating normally to process payments for consumers, businesses, and government agencies. There are many impacts to daily life and business operations due to the practice of social distancing and …
Payroll impersonation and redirection fraud is a fact of life today, but there’s a new way to help fight it. As part of its ongoing commitment to help protect against fraud, Nacha worked with payroll providers, Receiving Depository Financial Institutions …
ORLANDO, Fla.— Think you’ve got a handle on Business Email Compromise (BEC)? Maybe think again. “BEC fraudsters are innovative and devise ways that can ‘morph’ their fraud attempts into new and unexpected forms, thus continuing to scam their targets,” …
The FBI has updated figures on Business Email Compromise (BEC) and none of the news is good. The bureau said there have been more than 166,000 incidents across the globe between June 2016 and July of this year. That’s based on victim reports to its …
On July 17, 2019, the Consumer Financial Protection Bureau (CFPB) released an updated advisory regarding scams targeting seniors. The 25-page advisory urges banks to report to the proper government authorities anytime suspicion arises that exploitation of …
On July 22, 2019, U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), the Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and National Credit Union Administration issued a joint statement with …
This time, it’s not optional. On July 1, 2020, the ACH Contact Registry opens for business. Unlike the existing voluntary contact database, participation is mandatory. A new Nacha Operating Rule requires all financial institutions using the ACH Network …
It doesn’t seem that long ago we sent out an email heralding the launch of the ACH Contact Registry. Now we’re at the point where the ACH Contact Registry has been open three months, with another very important milestone literally days away. October 30 is …