Posts by Lyons Commercial Data

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 fraud and identity theft by verifying the authenticity of a person’s identity and bank account information. 

Lyons Commercial Data offers a comprehensive bank account verification service that helps businesses verify the routing and bank account numbers of their customers quickly and efficiently. Lyons’ solution is easy to use, secure, and customizable, making it an ideal choice for businesses of all sizes and types.

One of the key features of Lyons’ bank account verification service is its ability to verify the bank account information of customers in real time. This means that businesses can quickly and accurately verify the bank account information provided to them by their customers. This also allows them to provide a seamless and secure experience. This can help businesses build trust with their customers and prevent fraudulent activities such as account takeovers.

Lyons Commercial Data’s bank account verification service is also highly customizable. Businesses can tailor the bank account verification process to suit their specific needs, such as by choosing the level of verification required and the information that needs to be verified. This makes it easy for businesses to comply with regulations and ensure that they are only providing services to legitimate customers.

Another important aspect of Lyons’ bank account verification service is its security. The service uses advanced encryption and security protocols to protect sensitive customer data and prevent unauthorized access. This helps businesses protect their customers’ privacy and prevent data breaches.

Overall, Lyons Commercial Data’s bank account verification service is an excellent solution for businesses looking to verify the bank account information of their customers quickly and securely. With its real-time verification, customizable options, and strong security measures, it is a reliable and efficient way to prevent fraudulent activities and build trust with customers.

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.
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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. Beginning March 19, 2021, the wording of the rule will update to require “account validation” to be part of fraud screening systems.
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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 different types of red flags and levels of risk, the FTC does not endorse or enforce any kind of one-size-fits-all compliance program. They have, however, provided guidelines describing the 4 core elements of ID theft prevention programs – which we’ll walk through in this blog post. (more…)