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Complete Story
03/14/2022
New Debit Rules Pose Security Hoops for Banks — and Enterprises They Serve
PYMNTS.com
“Payments fraud isn’t localized to just one industry or one business — it’s widespread and pervasive. The fraudsters are only getting more creative,” Paramita Bhattacharjee, VP and product line leader at Early Warning Services, LLC told PYMNTS.
As the new WEB Debit Account Validation Rule implemented by Nacha took effect last year, account validation practices are fully entering the digital age, readying financial institutions (FIs) and enterprises for real-time payments. At a high level, Bhattacharjee said, the Nacha WEB debit rule was created initially to address concerns of fraud on the automated clearing house (ACH) network.
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