Results of the ‘Same-Day ACH Fraud Preparedness Survey’ also showed that more than 54% of respondents had no appropriate fraud tools for handling Same Day ACH transactions. 75% of them used manual review to detect ACH fraud, but this figure will likely drop to 55% for the new ruling, it noted.
The study also found that 70% of participants will likely use intelligent authentication to prevent attacks.
To help protect Same Day ACH transactions, NICE Actimize advises financial institutions to come up with an authentication management approach to prevent fraudsters from entering the system, use fraud tools that leverage behavioral analytics to detect anomalies, and devise fraud operations specific to a Same Day ACH environment.
NACHA, which manages the development, administration, and governance of the ACH Network adopted the new ruling to provide a new, ubiquitous capability for moving ACH payments faster. On September 2016, the first of the three implementation phases of Same Day ACH will come into effect, enabling same-day processing of virtually all types of ACH payments, including credits and debits.
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