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.