News

09:25 AM
Jonathan Camhi
Jonathan Camhi
Slideshows
Connect Directly
Facebook
Twitter
Google+
RSS
E-Mail
50%
50%

5 Tips to Help Banks Implement E-Payments Security

A list of best practices released by NACHA can help banks secure their electronic payments.
Previous
3 of 6
Next


The FFIEC says banks should never rely on any single control for authorizing high-risk transactions. The higher the risk with a given transaction, the more controls that should be put in place. In general, customer transactions are less risky than commercial ones, the FFIEC notes.

According to NACHA, banks should monitor consumer and commercial accounts on a daily, weekly, monthly and quarterly basis for unusual activity, while also ensuring that security procedures and tools are kept up to date. Procedures should be in place for how to handle transactions that seem out of the ordinary. Banks should also be tracking failed attempts to log on to an account, NACHA says. For commercial accounts, the association also recommends establishing file and exposure limits, as well as processing schedules, for originating customers.

 

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

Previous
3 of 6
Next
Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology Dec. 2, 2014
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.