As technology evolves so does the potential for cyberhackers and fraudsters. We know risk management is critical in these difficult times with increased fraud surrounding COVID-19. Proactively monitoring potential risk can make a big difference in intercepting false attempts. Federal Reserve Financial Services offers a variety of tools that can help strengthen your payments risk management efforts.
Monitor originated file batches
The FedACH Risk® Origination Monitoring Service allows originating depository financial institutions (ODFIs) to monitor Automated Clearing House (ACH) batches associated with selected routing transit numbers (RTNs) and company IDs. You can control ACH payments originated by your customers regardless of the network entry point or your ACH software.
This service also has some automated options, such as the ability to set credit and debit caps. You can receive an email notification if caps are exceeded.
Receive alerts of unusal activity
The FedACH Risk RDFI Alert Service provides notice of unusual or noteworthy conditions within a receiving depository financial institution’s (RDFI’s) incoming FedACH® Service batches and/or files. The service also deploys alerts within the RDFI account holder’s incoming items. The service helps alert the RDFI and/or its account holders to potential fraud attempts, significant origination errors, situations requiring further action and conditions of interest.
You can receive targeted notifications customized to fit application criteria. With this service, informational notifications are deployed when specific conditions do not coincide with normal activity.
Pull customized reports on your originators
The FedACH Risk Returns Reporting Service enables ODFIs to produce reports of returns by originator for a single day or up to a 10-day processing date range within the previous 60 business days.
These three services can help to detect unusual activity. To start using any of these services, visit the FedACH Services Setup page or contact your account executive.