The Federal Reserve announced a new reporting feature for its FedDetect Anomaly Notification for FedACH Services, which helps financial institutions quickly address potential fraud.
New: The Fed says the system now allows users to access reporting with transaction-level details and historical data with download capabilities for notification of change monitoring, same-day debit large-dollar variance, micro-entry forward monitoring, and micro-entry return monitoring.
About FedDetect: The service:
Is available at no additional cost to institutions that already have access to the FedLine Web or FedLine Advantage Solution:
Notifies subscribed users via email when it detects anomalous FedACH activity.
Identifies atypical activity using baselines established for a financial institution’s historical activity or by comparing ACH transactions to industry rules.
Enables multiple or individual RTNs within an account family.
Resources for Community Bankers: ICBA’s website features various fraud tools and resources for community banks.