Nacha reported:
Review more on the Nacha site here.
Enroll in Training Session: Nacha ACH Operating Rules And The Vendor Master File
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat
Nacha, the governing body of the Automated Clearing House (ACH) Network, announced new rules to prevent credit-push payments - including business email compromise (BEC).
The new rules follow the flow of a credit-push payment to promote the detection of fraud from the point of origination through the point of receipt at an account at the RDFI. When fraud is detected, the rules empower the originating financial institution (ODFI) to request the return of the payment for any reason; the RDFI to delay funds availability (within the limits of Regulation CC) to examine the payment more closely; and the RDFI to return a suspicious transaction on its own initiative without waiting for a request or a customer claim. An additional rule facilitates transaction monitoring by RDFIs by applying a standard transaction description for ACH credits used for payroll payments.
The new rules follow the flow of a credit-push payment to promote the detection of fraud from the point of origination through the point of receipt at an account at the RDFI. When fraud is detected, the rules empower the originating financial institution (ODFI) to request the return of the payment for any reason; the RDFI to delay funds availability (within the limits of Regulation CC) to examine the payment more closely; and the RDFI to return a suspicious transaction on its own initiative without waiting for a request or a customer claim. An additional rule facilitates transaction monitoring by RDFIs by applying a standard transaction description for ACH credits used for payroll payments.
Review more on the Nacha site here.
Enroll in Training Session: Nacha ACH Operating Rules And The Vendor Master File
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat