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Latest Security - ACH Topics

Cyberfraud Epidemic!

05/03/2020

We’ve heard cyber incidents are increasing. How is this happening, and how does it affect our customers and bank?

Extending Reporting Time Limits

04/19/2020

Is the Pandemic a qualifying factor under Regulation E Extension of Time Limits? Is there a list of situations that qualify?

ODFI Liability – up to 7 years

04/12/2020

If a customer doesn’t report an unauthorized ACH debit within 60 days of settlement, how long is the ODFI responsible for unauthorized consumer debits? Our customer couldn’t review statements, so they reported it to us outside of our return deadline.

ACH Reversals

04/23/2017

One of our customers had an account takeover. We called the RDFIs and sent reversals, but we got them all back unpaid. What happened?

Administrator for Business Online Banking

04/15/2013

When setting up businesses for online banking, ACH, and remote deposit capture, does the bank maintain control over users of the business or do they set up an administrator for the business for them to maintain?

Cannot Find Source of Funds-Close Account?

09/24/2012

The husband of a long time customer of the bank, is using her account to deposit large dollars in postal money orders, cash, his social security check and wires for services he provides. The money is then Paypal'd out. We have no idea of the source of these funds. Her paycheck is an ACH not in questions. We have been filing SAR's for a year. Should we leave the account open?

Debt Collection Firm and ACH Loss-Liability

12/05/2011

An employee in a company's accounting department pays a personal debt by ACH using the company's business checking account information. The employee is authorized to make ACH's for the company for business purposes only. The debt collection firm accepted the information and originated the ACH to be paid from the business account to the debt collection firm's account. The debt collection firm did not know, nor had they any reason to know, that the account was a business account. The debt collection firm believed the account was the employee's personal account. Who is responsible for the loss if the employee/wrongdoer cannot be located?

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Same Day Payment Processing Coming Soon!

Today's society is all about instant gratification. Same day services are now offered by many businesses.

STATS

The total volume of all SARs within the Bank Secrecy Act (BSA) database increased by 4% from 2011 to 2012.FinCEN, The SAR Activity Review - By the Numbers (BTN), May 2013

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Should we have an outside consultant conduct our assessments?

06/13/2021

There are obvious advantages to engaging a security consultant for your assessments. A good consultant will be knowledgeable, have experience in conducting assessments, and will be objective. If you don’t have a budget for an outside expert, this webinar will provide valuable information for conducting your own. -------------------------- Learn more about Carol Dodgen’s<a href=”https://www.bollearningconnect.com/courses/target0721”> Take the Target Off Your Bank: Making Your Bank Less Attractive to Criminals </a> webinar.

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