The compliance deadlines for Nacha’s Fraud Monitoring have arrived. If your Institution, Originators, or Third-Party Senders still need a documented, risk-based fraud monitoring program, now is the time to act.
Under Nacha’s fraud monitoring rules, ACH network participants such as ODFIs, RDFIs, Third-Party Senders, and Originators are now required to evaluate if the processes and procedures used to identify fraud are commercially reasonable based on their fraud risk and evaluate if controls remain commercially reasonable as fraud and mitigation controls evolve. Participants can consider existing fraud controls as they determine how to address these requirements.
If your fraud monitoring program is still taking shape, Wespay Advisors can help you build a practical plan to strengthen readiness, documentation, and oversight.
To get started, contact our team at [email protected] to discuss your fraud monitoring strategy.
Wespay has also developed a Fraud Monitoring Resource Center to help you understand the latest ACH risk management and fraud monitoring requirements, determine if your fraud program meets these requirements, and make any changes needed to comply with these new rules.