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GIACT unveils new report on fraud trends and securing ACH payments

Tuesday 25 August 2020 10:59 CET | News

GIACT has announced a new report, dubbed Securing Faster Payments: Addressing the Account Validation Rule. 

The report focuses on the rapid growth of ACH payments, the latest fraud trends surrounding faster payments, and how to secure ACH transactions. The report comes in advance of Nacha's upcoming WEB Debit Account Validation Rule, slated to take effect on 19 March 2021, and serves as a guide on how to apply proper account validation measures. GIACT's report shows how businesses can both address the rule change and move beyond traditional methods of account verification, to understand account status, payment history, ownership, and the consistency of the personally identifiable information (PII) associated with the account. GIACT's identity and account verification solutions – including gAUTHENTICATE and gVERIFY – provide these tools through an easy-to-integrate platform.

According to the report, ACH payments have become increasing popular, since more and more transactions and accounts move online. In H1 of 2020, Nacha reported its network volume reached 13 billion payments – an increase of nearly one billion payments compared to the same period in 2019. 


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Keywords: GIACT, security, payments, accounts, validation, and account verification, fraud trends
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions