Reg E Reform Discussed in D.C

Security vendor Jim Woodhill took his Reg E reform crusade to Washington, D.C. this week, meeting with the American Bankers Association (ABA) and other interested parties. While rejecting Woodhill's call for legislative action to further protect businesses from ACH fraud losses, the ABA's Doug Johnson does describe the dialogue as productive. "Clearly the one threat that is at the front of everyone's mind is the corporate and municipal account takeovers," Johnson says, referring to incidents such as those suffered by Hillary Machinery and the Town of Poughkeepsie, NY. He told Woodhill that the ABA is in active conversations with banking core service providers, and is in the process of finding out the dynamics of the identity management offerings that they are providing for their customers. Posted in: Deposit Account Fraud