Southern Financial Exchange's Risk Management Portal resource page has a list of valuable information available to SFE members. Check here on a regular basis to continue to learn more.
Southern Financial Exchange's Same Day ACH resource page has a growing list of pdf's and other articles available to SFE members. Check here to be updated on a regular basis. Most recently updated on October 20, 2017.
IRS/FBI-Themed Ransomware Phishing Attack
Scams have become part of everyday life. Gullible consumers watch videos or hear infomercials that advertise “things that are too good to be true” and fall for it. Unfortunately, this has happened in the ACH Network. Hundreds of thousands of consumers have viewed social media and videos posted by scam artists resulting in significant fraudulent activity. However, ACH transactions can easily be tracked to the point of origin. ODFIs that allow these fraudulent entries are subject to Rules Enforcement actions from NACHA as well as reputational risk.
Southern Financial Exchange is proud to be able to offer you this recap of the recent changes to Regulation CC. However, this recap is offered for educational use only and additional details may exist within documentation released by the Federal Reserve.
New survey results released this week by NACHA show that Same Day ACH usage is strong, with 80 percent of respondents expecting to see steady growth in 2017.