Evolving Channels at Risk
Electronic payments, including Automated Clearing House (ACH) and wires, have traditionally been lower-risk payment types. But recently these payment networks have expanded to include more participants, shifting relationships, new types of non-recurring payments, and greater risk. The result? ACH and wire payments are more vulnerable than ever to unscrupulous merchants and other fraudsters. Keeping transactions safe requires constant vigilance and effective fraud detection and risk mitigation strategies.
Memento ACH and Wire Fraud enables banks and credit unions to stay at the forefront of emerging, constantly evolving ACH and Wire fraud threats. Through proactive monitoring and detection, institutions can quickly identify signs of fraudulent activity.
Memento ACH and Wire Fraud solutions helps defend against:
Commercial Account Takeover
Spot fraudsters using compromised customer credentials to hijack the origination system and use it in the account holder’s name.
Identity Fraud
Detect fraudsters creating fictitious identities and obtaining origination capabilities, followed by fraudulent ACH debits and wire payments.
Insider Origination Fraud
Detect insiders at the merchant or bank, who manipulate the ACH origination file to skim funds from a company.
ACH Kiting
Ward off the kiting perpetrated through unauthorized debits, or the ACH equivalent of a classic paper-based kiting scheme.
These are just some of the ACH and wire fraud scenarios that Memento ACH and Wire Fraud solutions can detect and stop, proactively and effectively. As new schemes emerge, be ready with Memento ACH and Wire Fraud.