FRAUDAY Newsletter
March 15th, 2024
Effectiv can now directly process NACHA files + learn about 3 data service integrations: SoraID, TransUnion TruValidate, and PanamaPapers.
FRAUDAY Newsletter
March 15th, 2024
Effectiv can now directly process NACHA files + learn about 3 data service integrations: SoraID, TransUnion TruValidate, and PanamaPapers.
ISSUE #11 | March 15th, 2024
Product Updates
NACHA File Processing
Our new NACHA file processing feature allows customers to directly upload NACHA files to an Effectiv SFTP (secure file transfer protocol) site for ACH transaction processing. This process translates data into actionable insights for ACH verification, and shares result via batch file as well as being visible on our platform.
Data Integration Center
In this month’s Data Integration Center feature, we highlight three popular 3rd-party data service integrations that are immediately available to customers to improve any of your fraud and risk workflows.
🟣🟡 SoraID
Sora links verified user identities to secure, portable cryptographic credentials. Each business that verifies the user can independently decision upon this data, eliminating redundancy without any reliance issues.
🛜 TransUnion TruValidate
TruValidate™ orchestrates identity, device and behavioral insights to help organizations interact with legitimate consumers while mitigating fraud risk.
🟨 PanamaPapers
This database contains information on more than 810,000 offshore entities that are part of the Pandora Papers, Paradise Papers, Bahamas Leaks, Panama Papers, and Offshore Leaks investigations. The data links to people and companies in more than 200 countries and territories.
Events & Conferences 🔊
📆 Upcoming Events
CBA Live – March 25-27 – Washington, D.C.
BHG Financial National Seminar – April 8-10 – Las Vegas, NV
In The News
❌ Old-School Scams Still Work, Even On Younger Generations
There’s so much buzz about AI taking over the scam universe it’s easy to forget that old-school scams are still effective in fleecing victims, especially when retirees are targeted. So it’s a good time to brush up on how thieves operate and how you can prevent swindles, even if you’re not retired.
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🆔 Why Criminals Like AI for Synthetic Identity Fraud
As generative artificial intelligence (GenAI) technology becomes more widely available, cybercriminals will likely use it to enhance their synthetic identity fraud capabilities. Unfortunately, experts say that current fraud detection tools might not be enough to address the rising threat, which could spell financial losses in the coming years.
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💳 8 in 10 Merchants Screen Potential Fraud With Same-Payment-Method Retries
The study found that 80% of merchants encourage customers to purchase again using the same payment method when a failed payment is flagged as potentially fraudulent.
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💸 How Fraud Fears Impact FIs’ Adoption of Faster Payment Solutions
46% of FIs say the fraud risks of providing open banking outweigh the benefits, but the share of skeptics rises to 57% among FIs that experienced increased fraud. PYMNTS Intelligence’s latest study of 200 FI execs, “How Fraud Fears Impact FIs’ Adoption of Faster Payment Solutions,” details why FIs are cooling toward open banking but staying the course on real-time payments.
