Eric Wester’s Post

Stay tuned for these important, and timely, changes to the ACH rules!

On Monday, Nacha announced new Nacha Operating Rules that work to reduce the incidence of and help recover funds from credit-push fraud. The new rules establish, for the first time, a defined role for receiving financial institutions (RDFIs) in monitoring the ACH payments they receive. At Digital Directions 2024, taking place April 15-17 at Perdido Beach Resort in Orange Beach, Ala., we will address these new rules. In the session, "How You Can Help Nacha and the ACH Network Fight Fraud," Jordan Bennett, AAP, APRP , Senior Director, Network Risk Management at Nacha, will provide details on these developments. Make sure you get the latest on the ACH Network changes and what they mean for you. https://lnkd.in/gwQkVnyA #payments #fraudprevention #ach #credit Pam Rodriguez, AAP, CIA, CISA Danita Moss, AAP, NCP Catherine Bishop, AAP, APRP, NCP Sandra Parker Dominic Plumeri, AAP, APRP David P.

Postbank's Comedy of Errors: How to Lose R100 Million in a Year www.fundityres.co.za In a plot twist that would make even the most daring #heistmovie scriptwriters blush, a KPMG forensic report has revealed a criminal syndicate's audacious theft of over R100 million from #Postbank in just one year. The sophisticated scam involved hacking and cloning #SASSA accounts, with an unknown number of Postbank employees allegedly channeling their inner #OceansEleven. Once funds were loaded onto cards and PINs reset, 'runners' made thousands of #ATM withdrawals across the country, giving new meaning to the term #CardioExercise.   The syndicate could even unblock frozen cards suspected of #fraud, proving they had the keys to Postbank's digital kingdom. KPMG investigators pointed to weak oversight and poor #ITcontrols at the state-owned bank, making it about as easy to track down the culprits as finding a needle in a haystack. This #insiderfraud case is a reminder that when it comes to #fraudprevention, sometimes laughter really is the best medicine. #FundiTyres

#Bureau Sets the Standard in Combating Money Mule Fraud at GFF 2024 - on #IndianConvention The Money Mule Score is a groundbreaking solution developed by Bureau, an all-in-one identity platform for Compliance and Fraud decisions, to combat financial crime by identifying and preventing the misuse of financial systems through money mule accounts-those used by criminals to launder money or conduct illicit transactions. Utilizing advanced algorithms and comprehensive data analysis, Bureau’s Money Mule Score evaluates numerous risk factors, helping financial institutions safeguard their ecosystems from fraudulent activities. While this product has already saved $9 million since its inception in April 2024 and has been adopted by 3 of the top Indian banks and several more in […] - https://lnkd.in/gVAvbkb6 𝗖𝗹𝗶𝗰𝗸 𝘁𝗼 𝗝𝗼𝗶𝗻 𝘁𝗵𝗲 𝗙𝗮𝘀𝘁𝗲𝘀𝘁 𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗡𝗲𝘁𝘄𝗼𝗿𝗸 - https://lnkd.in/gqWAqhyR 𝗙𝗼𝗿 𝗗𝗲𝘁𝗮𝗶𝗹𝘀 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗔𝗺𝗮𝗮𝗻 𝗧𝗮𝗾𝘃𝗶 𝗖𝗼𝗻𝗻𝗲𝗰𝘁 𝗼𝗻 𝗟𝗶𝗻𝗸𝗲𝗱𝗶𝗻 - https://lnkd.in/ga2NU4BZ +91 7275859841

NACHA members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments! The new rules establish a base-level of #ACH payment monitoring on all parties in the ACH Network. https://loom.ly/-FFMuzc #creditunions

#financialcrimesinvestigator: Comprehensive Update on the Ongoing Betta Edu Fraud Investigation The Betta Edu fraud case is ongoing and involves over 150 bank accounts across 18 banks. Multiple staff members, both senior and junior, including Betta Edu, are currently on suspension. To date, we have successfully recovered over 30 billion naira, with additional funds still being retrieved as recently as last week. Thousands of US dollars have also been recovered in connection with this matter. The fraud involves over 42 companies, including numerous fintech firms. - EFCC Chairman. #TikTokLIVE #LIVE #hammidbakare #OpeningMonologue #fypyou #News #tiktoknewsupdate #EFCC #BettaEdu #financialcrimes #fraud #moneyheist #LawandOrder #RuleOfLaw #corruptpractices #GodBlessNigeria

This week while UK Finance launched the 2024 Annual Fraud Report I attended the European Banking Federation Executive Committee to discuss national and EU approaches to tackling fraud. Specifically outlining the work currently happening here in the UK.    Last year, nearly £1.2 billion was stolen from customers in the UK. We, in the financial services sector, shoulder the burden virtually alone in the fight to combat fraud. The sector deploys a huge range of sophisticated tools to try and detect potential fraud and enable it to intervene before it happens. The technology and telecommunications sectors, along with crypto exchanges should be putting their shoulder to the wheel and contributing their share towards victim reimbursement.   For more information on the value of fraud losses and the number of cases, read the #UKFinance 2024 Annual Fraud Report in full: https://lnkd.in/ePqZyzKU  

Struggling with high sanctions false positives rates? Reach out to us to see how we can help. #AlacerGroup #VelocityFinCrime #FinCrime #Compliance #ComplianceSolutions #AntiFinancialCrime #AntiMoneyLaundering #FinancialSecurity #2024Trends #FraudFiles #FraudFighters #FraudPrevention #FraudDetection

Pulling some FANTASTIC insights from the wise Ken Palla in a post he did the other day ⬇️ Summary of key points from the U.S. Senate Hearing on Zelle. 𝘼𝙣𝙙 𝙛𝙧𝙤𝙢 𝙩𝙝𝙚 𝙩𝙖𝙠𝙚𝙖𝙬𝙖𝙮𝙨, 𝙞𝙩 𝙨𝙚𝙚𝙢𝙨 𝙘𝙡𝙚𝙖𝙧 𝙞𝙩'𝙨 𝙣𝙤𝙩 𝙟𝙪𝙨𝙩 𝙖 𝙕𝙚𝙡𝙡𝙚 𝙥𝙧𝙤𝙗𝙡𝙚𝙢 + 𝙨𝙝𝙞𝙛𝙩𝙞𝙣𝙜 𝙡𝙞𝙖𝙗𝙞𝙡𝙞𝙩𝙮 𝙞𝙨 𝙩𝙝𝙚 𝙣𝙤𝙩 𝙩𝙝𝙚 𝙨𝙞𝙢𝙥𝙡𝙚 𝙖𝙣𝙨𝙬𝙚𝙧 𝙩𝙤 𝙨𝙩𝙤𝙥 𝙨𝙘𝙖𝙢𝙨. 𝙄𝙩'𝙨 𝙖 𝙢𝙪𝙡𝙩𝙞-𝙞𝙣𝙙𝙪𝙨𝙩𝙧𝙮, 𝙥𝙧𝙞𝙫𝙖𝙩𝙚/𝙥𝙪𝙗𝙡𝙞𝙘, 𝙨𝙤𝙘𝙞𝙚𝙩𝙖𝙡 𝙘𝙧𝙞𝙨𝙞𝙨 𝙩𝙝𝙖𝙩 𝙣𝙚𝙚𝙙𝙨 𝙣𝙚𝙚𝙙𝙨 𝙖 𝙨𝙤𝙡𝙪𝙩𝙞𝙤𝙣 𝙟𝙪𝙨𝙩 𝙖𝙨 𝙡𝙖𝙮𝙚𝙧𝙚𝙙, 𝙘𝙤𝙡𝙡𝙖𝙗𝙤𝙧𝙖𝙩𝙞𝙫𝙚 𝙖𝙣𝙙 𝙬𝙞𝙙𝙚 𝙧𝙚𝙖𝙘𝙝𝙞𝙣𝙜. • Several witnesses said 99.9% of Zelle transaction are good (no fraud or scams) • All witnesses would basically oppose expansion of Reg E, saying it will not reduce scams • The American Banker’s Association, Bank Policy Institute, Consumer Bankers Association and the National Bankers Association submitted a 15-page Statement for the Record to this subcommittee. • The Senate Committee created a 62 page report on Zelle “A Fast and Easy Way to Lose Money: Insufficient Consumer protection on the Zelle Network”. • Senator Blumenthal asked why these banks were not reimbursing for unauthorized Zelle transactions of “A Fast and Easy Way to Lose Money: Insufficient Consumer Protection on the Zelle Network". The banks had not seen these numbers, according to the witnesses. So, this path of questioning did not proceed. • All bank witnesses say they reimburse 100% of Zelle unauthorized fraud transactions. • EWS CEO said: Of the EWS scam transactions, 20% are imposter/impersonation (bank, govt officials, etc.) scams. 90% of these imposter scams are reimbursed. • 5% of scams occur in Zelle. 95% of scams occur outside of Zelle. #Fraud #AboutFraud #AboutScamsInTheU.S.  

Fraud is running rampant across our country, reaching record highs. According to the FTC, in 2023, consumers reported losing more money to investment scams—over $4.6 billion—than any other category, marking a 21% increase from 2022. Imposter scams followed closely, with reported losses of nearly $2.7 billion, making it the second-highest reported loss amount. With these record highs, it’s important to do anything you can to protect yourself and your accounts. You can check your bank statements and transaction history frequently to spot any unauthorized or suspicious transactions promptly, and even take the extra step to set up account alerts, which will send you a text message or notification every time a charge is made to your account over your set amount. Read more about what you can do to protect your accounts on our website at: https://ow.ly/HIWt50QHaY7 Member FDIC #Fraud #FinancialLiteracy #PersonalBanking #Scams