Sep. 23, 2022
Nacha released a new strategy for payments industry participants to address scams that deceive consumers into sending payments to fraudsters under false pretenses.
Background: Common credit-push fraud scenarios include vendor impersonation, business email compromise, and payroll impersonation, which resulted in more than $2.4 billion in losses last year.
Nacha Strategy: Nacha’s latest Risk Management Framework includes three areas of opportunity for payments participants:
Defining the role of the receiving account-holding institution.
Enabling and providing information sharing among financial institutions.
Expanding and improving end-user awareness and education.
More: Community bank security information and resources are available on ICBA's Cyber and Data Security resource center.