using computer

NACHA

2024 Changes to NACHA 

the rules governing Cash Management
  • Using Return Code R17 for Fraudulent Transactions Banks will have the option (but are not required) to use a special return code (R17) to return payments they believe are fraudulent.

  • Expanded Requests to Return Payments (R06) Banks will now be able to request a payment be returned for any reason, not just for specific situations. This provides more flexibility for resolving payment issues.

  • Additional Exceptions for Holding Funds If a bank suspects that a payment was sent under false pretenses, they will have more leeway to hold those funds and investigate before making them available to the recipient.

  • Timing of Written Statement of Unauthorized Debit (WSUD) Customers will now be allowed to sign a form to dispute a payment (WSUD) even before the unauthorized payment has been posted to their account. This speeds up the process of handling disputes.

  • Quick Returns of Unauthorized Debits If a customer disputes a payment as unauthorized, the bank must return the funds quickly—no later than six business days after completing their review of the customer’s signed dispute form (WSUD).
For more details on the rules visit NACHA

Password Security

  • Use strong, unique passwords with a combination of letters, numbers, and symbols.
  • Avoid reusing passwords across multiple accounts.
  • Enable two-factor authentication for added security.


Dedicated Terminal

  • Use a dedicated computer or terminal for online banking and cash management activities.
  • Avoid using the terminal for general web browsing or email to minimize exposure to malware.


Virus Protection and Firewalls

  • Ensure antivirus software is up to date to detect and prevent threats.
  • Use a strong firewall to protect your system from unauthorized access.
  • Regularly scan your system for viruses and malware.


Check Bank Accounts

  • Monitor your accounts daily for any unauthorized transactions or unusual activity.
  • Set up alerts for large transactions or changes in account activity to catch fraud early.
 

Cost

  • Implementing these security measures may have some upfront costs (antivirus software, firewalls, etc.), but they are essential to protect against fraud and potential financial losses that could far outweigh the investment.