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Nacha recently introduced A New Risk Management Framework for the Era of Credit-Push Fraud. This document reminds us that we as an industry must work to protect ourselves, our account holders and consumers, and focuses on three major opportunities:

1. Defining the role of the receiving account-holding institution.

The receiving institution has a great opportunity to notice out of the ordinary for their account holders. For example, if your account holder has a normal balance of $175 but they have received over $12,000 in credit pushes, that might raise a red flag. But the incoming credit may not have to be large, it could be someone who has never received these types of transactions before and now has multiple transactions posting to their account.

2. Enabling and providing information sharing among financial institutions.

Sharing information with other institutions can help you stay abreast of fraud schemes impacting similar organizations and keep you connected a network of your peers so you have someone to reach out to when things go awry.

3. Expanding and improving end-user awareness and education.

How do we get account holders to keep their information (such as their user ID, passwords and other authentication techniques) secure and private? That is one of the million-dollar questions! We must talk to account holders to keep them informed on the latest fraud trends and how to keep themselves and their account safe. Adding messages to your communications, online portals, social media presence(s) and branch posters is just one small way to share information forward.

Want to hear more about the latest fraud trends? Consider joining me on December 7^th for our final Quarterly Compliance and Fraud Review webinar of 2022!