News : NICE Actimize Releases Results of Same-Day ACH Survey
New York, NY, USA, April 21, 2016 -- NICE Actimize, a NICE Systems (NASDAQ:NICE) business and a provider of a single financial crime, risk and compliance software platform for the financial services industry, announced the results of its Same-Day ACH Fraud Preparedness Survey conducted among U.S. financial institutions this spring, showing that more than 93 percent of financial institutions anticipate that new fraud threats will emerge as a result of the upcoming transition to Same Day ACH due to launch in September 2016. ACH (Automated Clearing House) is an electronic network for financial transactions in the United States.
Coupled with these expected fraud-related challenges, more than 54 percent of respondents to the survey also stated they do not have the appropriate fraud tools necessary to handle Same Day ACH transactions, the survey revealed. The survey also found that today 70 percent of respondents use manual review to detect ACH fraud, but that number is expected to drop to 55 percent for Same Day ACH. Meanwhile, 70 percent of respondents expect to use intelligent authentication as a method to prevent attacks.
"We know from other markets, such as the U.K., that the launch of Faster Payments is aligned with an uptick in fraud attacks and losses," explained Erez Zohar, Vice President & General Manager, Fraud & Cybercrime Management Solutions, NICE Actimize. "This means that U.S. financial institutions need to be prepared with fraud strategies on day one."
....NOTE - content continues below this message
SPONSOR MESSAGE: INVITATION!
We invite you and your colleagues to take a couple of days out of your busy schedule to join us and the elite in the industry to listen to the NEXT GENERATION Contact Center & Customer Engagement Best Practices.
Where are the likely hot spots that new threats could hit? According to Zohar, new fraud threats could be driven by such new Same Day ACH services as Same Day Payroll and account-to-account transfer, which could open up new holes that fraudsters can target. In commercial banking, there could also be a rise in social engineering, focused on corporations that initiate Same Day Payroll.
NACHA, The Electronic Payments Association, is the governing body which vets industry guidelines for moving ACH payments faster along with the Federal Reserve. NACHA’S newest ruling, to go into effect in three stages beginning in September 2016, will enable the same day processing of virtually any ACH payment.
Posted by Veronica Silva Cusi, news correspondent
Source: Nice Systems
Today's Tip of the Day - Memorable Numbers?
More Editorial From NICE Systems
About NICE Systems:
NICE (NASDAQ: NICE), is a worldwide provider of intent-based solutions that capture and analyze interactions and transactions, realize intent, and extract and leverage insights to deliver impact in real time. Driven by cross-channel and multi-sensor analytics, NICE solutions enable organizations to improve business performance, increase operational efficiency, prevent financial crime, ensure compliance, and enhance safety and security. NICE serves over 25,000 organizations in the enterprise and security sectors, representing a variety of sizes and industries in more than 150 countries, and including over 80 of the Fortune 100 companies.
Published: Friday, April 22, 2016
Genesys® powers 25 billion of the world’s best customer experiences each year. Our success comes from connecting employee and customer conversations on any channel, every day. Over 10,000 companies in...
|Genex Infosys Limited|
Genex, part of the IPE Group UK, is an outsourcing provider of customer experience management and trusted by world’s leading brands. We achieve results through transforming our clients' businesses and...
|Bright Pattern Inc|
Bright Pattern is an effective cloud contact center software which helps businesses to simplify multichannel service. Bright Pattern’s solution features enterprise-grade architecture that offers n...
Cisco provides Unified Customer Contact solutions that extend customer care beyond simple phone transactions and the traditional contact centre to unique content-rich customer centric experiences. The...