How does the LexAlign Security Module fit in Nacha’s call for a new risk management framework?

Fraudsters are exploiting security gaps in banks’ operations to access their deposit accounts.  It’s called “credit-push fraud” and it’s exploding.

LexAlign is designed to recruit bank customers to be the front layer in their layered security approach against fraud.  After all, as Jane Larimer, President and CEO of Nacha said:

“All participants in the payment system, whether the ACH Network or elsewhere, have roles to play in working together to combat fraud.”

We recently met with Nacha’s senior network risk officer to discuss the scope of our forthcoming ACH Diagnostic and demoed our Security Diagnostic as it’s directly on point and responsive to Nacha’s call for A New Risk Management Framework for the Era of Credit-Push Fraud, which they say is now the greatest source of fraud loss across payment channels.

The LexAlign Security Diagnostic meets that call.

Credit-push fraud works with startling success because customers have unaddressed vulnerabilities that make them susceptible to business email compromise and account takeover.  LexAlign sensitizes them to the risks and responsibilities, alerts them to their particular vulnerabilities, and equips them in a uniquely effective way to improve their security and staff awareness, while automatically providing the bank with records demonstrating superior oversight and support in alignment with regulators’ stated expectations.