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ICBA is seeking survey responses from member community bankers on the potential impact of nine Nacha proposals related to ACH risk management.
Background: Credit-push fraud, in which criminals use social engineering or phishing to obtain authorized payments from bank account holders, is on the rise. Nacha’s proposals are designed to reduce the incidence of successful fraud attempts and to improve the recovery of funds after frauds have occurred.
Key Provisions: The Nacha proposals included provisions to:
Require receiving depository financial institutions to establish commercially reasonable fraud detection of received ACH credits.
Allow originating depository financial institutions to use reversal when an ACH credit was sent due to fraud.
Exempt RDFIs from funds availability requirements for ACH credits due to fraud.
Standardize entry descriptions for payroll payments, e-commerce purchases, and formatting individual names.
Require RDFIs to promptly return a consumer ACH debit after receiving a completed Written Statement of Unauthorized Debit.
Proposal Details: The complete Nacha proposals are available on the Nacha website. Video explanations of each proposal are available on Nacha’s YouTube channel.