If your company is looking for an added level of security when it comes to electronic payments, ask your bank about this feature.
Banks are now using behavioral data to compare employers’ previous Automated Clearing House (ACH) payment activity with new requests that come in.
Here’s an example of how banks use behavioral data: If a company’s A/P department typically pays a certain vendor via ACH right on the 10th, but requests have been scheduled on both the the 2nd and 20th, the bank will automatically flag those requests to make sure there’s nothing amiss.
Behavioral data comparisons combined with standard ACH-security measures (i.e., excessive payment amounts or unapproved vendors being flagged) can go a long way toward protecting your firm against payment fraud.
Readers, does your bank compare behavioral data when it comes to your electronic payments?