Calling all RDFI UMACHA Members
Fighting Fraud Starts With You!
We’re sure you won’t dispute the fact that there is more fraud occurring in our network right now. Sadly, our members are in the crosshairs of fraudsters and legitimate transactions going bad. Did you know that you have the power to halt more transactions from hitting your accounts by addressing the fraud and working with the Originating Financial Institution? It all starts by identifying the ODFI that initially sent the transactions into the network. If you aren’t aware of how to do that, go to the Nacha Operating Rules, page OR132, to identify the trace number, then going to The Federal Reserve E-Payments Routing Directory found on our home page to look up the ODFI. Next step is to call that ODFI right away.
[NOTE: COMING SOON is the ACH Contact Registry hosted by Nacha to find direct ACH Operations and Fraud contact numbers throughout the US banking industry. Opens July 1st]
Now for the critical steps once you find you have a potentially fraudulent deposit hitting one of your accounts The first thing you need to know is that you can volunteer delayed funds availability when an unauthorized transaction is suspected. In the ACH Rule Book on Page OR40 3.3.1 in the last paragraph and on OG102 “Voluntary Availability Extension for credit entries” provide details about this Rule. (The ACH Rules don’t call out fraud but we all know that is what we use this delay for in our network)
Lastly, Nacha published an Operational Bulletin in 2019 https://www.nacha.org/news/ach-operations-bulletin-1-2019-indemnification-agreement-use-financial-institutions-requesting laying out another option for approaching this situation using the R06 (per ODFI’s request) return process.
We’re here to help, let us know if you want to have a conversation.
For more detail and help email email@example.com or call (800) 348-3692