How Bank Account Ownership Authentication Combat Online Fraud & Identity Theft
In today’s digital age, online fraud and identity theft have become increasingly common. This has made it more important than ever for companies to verify the bank accounts of their customers to prevent fraudulent activities. This is where bank account verification services come in. Bank account verification services play a critical role in combating online […]
Bank Account Verification Service: 4 Tips for Selecting the Right Service
This blog will talk about selecting the best bank account verification service. Although sometimes it may seem that all account verification solutions and companies are the same, they are not for various reasons. Below, we’ll outline what types of things your business should look for when selecting a bank account verification service. What is Bank […]
NACHA 2021 Rule Change – What You Need to Know to Be Ready
On March 19, 2021, the new NACHA 2021 rule change must be implemented by merchants accepting ACH payments via the web. This article will detail why, what, and what methodologies merchants can use to be NACHA Compliant on March 19, 2021.
U.S. War on COVID-19 Fraud
COVID-19 (Coronavirus) fraud has been a growing concern to both government and business. New fraud tactics have targeted unemployment and COVID-19 economic relief funds. Find out the challenges of the U.S. War on COVID-19 fraud and how organizations can protect themselves.
Lyons Commercial Data Becomes Nacha Preferred Partner
HERNDON, Va., June 30, 2020 – Lyons Commercial Data is now a Nacha Preferred Partner for Routing Number, Account Validation, and Bank Ownership Verification. In becoming a Preferred Partner, Lyons Commercial Data joins a select group of innovators whose offerings align with Nacha’s strategies to advance the ACH Network. “Verifying routing and account information is […]
NACHA Upcoming Changes for Online ACH Transactions
In early 2021, NACHA will be changing compliance standards for routing number and account verification used for internet payments (WEB debits). The current iteration of the WEB Debit Account Validation Rule (Article Two, Subsection 2.5.17.4) states that originators of WEB debit entries must use a “commercially reasonable fraudulent transaction detection system” to screen for fraud. […]
New Lyons Commercial Data Support Center
At Lyons Commercial Data, we provide banks and financial institutions the best tools for staying compliant, managing risk, and reducing fraud. Our company knows the importance of providing support to our business customers and investing in tools to improve their customer experience. We are excited to announce our latest innovation in customer support with the […]
Coronavirus Masks from 3D Printer
Coronavirus OR covid-19 has impacted people and businesses all over the world. The rapid spread of COVID-19 has caused a shortage of protective masks for communities and healthcare workers. Thanks to innovative employees at the parent company of Lyons Commercial Data, Autoscribe is making protective masks using a 3D printer.
Red Flags Rule Compliance Part 2: Framework for a Compliant Program
In an earlier blog post, we covered the basics of the FTC’s Red Flags Rule – which requires certain types of businesses and financial organizations create an Identity Theft Prevention Program designed to detect the “red flags” (i.e. signs indicative of potential identity theft activity) unique to their day-to-day operations. Since every business deals with […]
Red Flags Rule Compliance Part 1: What’s a Red Flag & Who Needs to Know
The “Red Flags Rule” is a set of regulatory requirements outlined in the Fair and Accurate Credit Transactions Act (FACTA) and enforced by the Federal Trade Commission. Essentially, the rule requires businesses to protect themselves and their customers against identity theft by defining “red flags” (i.e. any suspicious account activity, informational inconsistencies, or other signals […]