Preventing Payroll Fraud with Account Verification
Preventing Payroll Fraud with Account Verification Payroll fraud is a significant concern for businesses of all sizes, leading to financial losses, damaged employee trust, and potential legal consequences. Implementing a robust account verification solution is crucial in preventing payroll fraud and protecting your company and employees. In this blog post, we’ll explore how an account […]
Protecting Your Business from Accounts Payable and Invoice Fraud: The Importance of Account Verification
Protecting Your Business from Accounts Payable and Invoice Fraud: The Importance of Account Verification In today’s fast-paced business world, companies are increasingly vulnerable to various types of financial fraud, particularly in the areas of accounts payable and invoicing. These scams can have devastating effects on your business, customers, and reputation. Here we’ll explore common scams […]
Active vs. Passive Bank Account Verification
Active vs. Passive Bank Account Verification In today’s digital age, ensuring the accuracy and security of bank account information is paramount. As a business, you’re likely to encounter two primary methods of account verification: Active Account Verification and Passive Account Verification. Understanding the differences between these methods, along with their benefits and drawbacks, can help […]
Unraveling the Surge in Fraudulent Payments: The Vital Role of Account Ownership Verification
Over the past few years, organizations have witnessed an alarming increase in fraudulent payment attempts. Criminals have become well-versed at exploiting vulnerabilities in payment systems. As the reliance on online transactions grows, so does the risk of falling victim to fraudulent activities. To safeguard against this, businesses must take proactive measures to protect their […]
Enhancing ACH Processing with Account Verification Solutions
In the fast-paced world of financial transactions, payment processors are at the forefront of ensuring accuracy, security, and efficiency. With the rise of digital payments, the need for robust verification solutions has never been more critical. Lyons Commercial Data, a leader in providing actionable intelligence for ACH and paper check transactions, offers a […]
Streamlining Account Verification & Compliance for Banks & Credit Unions
In an increasingly digital world, the banking and credit union industry faces the challenge of ensuring secure and efficient account verification, bank account ownership verification, and routing number verification. Lyons Commercial Data, a leading provider of data verification tools since 1989, offers integrated solutions to address these challenges, enhancing financial institutions’ due diligence and […]
Unraveling Payroll Fraud: Protecting Your Business and Employees
In the corporate world, payroll fraud is an unfortunate reality that can have devastating consequences for both businesses and employees. It involves the deliberate manipulation or misappropriation of payroll processes for personal gain. Payroll fraud can occur in various forms, ranging from ghost employees and inflated hours to unauthorized changes in salary or benefits. […]
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 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. […]