The advent of same-day ACH this fall will likely mean credit unions and other financial institutions will encounter more fraud, more strain on their budgets and more operational challenges, according to a new survey by the New York City-based software firm NICE Actimize.

A whopping 93% of financial institutions said they think same-day ACH will increase fraud threats, but more than half (54%) said they don’t have the appropriate fraud tools to handle same-day ACH transactions, according to the survey of some 60 financial institutions this spring. Despite their lack of fraud tools, 48% of respondents said they plan to originate same-day ACH credits and 43% said they’ll originate same-day ACH debits. Another 35% were unsure, and 16% said they’ll do neither.

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Tina Orem

Credit Union Times

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