Bank account and payment intelligence company ValidiFI has started offering consumers new authoritative bank account verification capabilities.
On Thursday, April 17th, the mentioned firm announced that the mentioned offering is part of the vAccount+ suite expansion. In this case, according to the company, greater coverage and accuracy are provided during conducting account verifications.
ValidiFI chief executive officer John Gordon stated that the expansion of the vAccount+ suite to include authoritative bank account verification empowers organizations operating in the B2B payments sector to make informed decisions, optimize workflows, and improve risk management strategies. He also noted that this addition reflects the company’s commitment to deliver actionable insights that drive smarter and more efficient business operations.
In a press release published by the company, it was noted that currently robust data is heightened needed to prevent fraud and manage risks. ValidiFI’s data network includes access to JPMorgan Payments’ validation services and Early Warning, which contains deposit performance data from more than 2,500 financial institutions. In this case, it also means such giants of the banking sector as Wells Fargo and Bank of America.
In a press release, it was noted that the mentioned solution provides the company’s clients with frictionless, highly reliable validation to minimize false declines for legitimate customers, reduce payment returns, and lower the administrative burden of manual reviews. It was also highlighted that in this case, a more efficient process is provided, which builds trust, improves the user experience, and streamlines payment transactions.
Also, this month, Eric Stratman, ValidiFI’s senior director of analytics and insights, during a conversation with media representatives on the need to strengthen fraud protection, stated that currently, many firms wrestle with outdated risk assessment processes, making transactions online and through ACH networks. It was noted that these companies are playing a losing game of catch-up with scammers. Eric Stratman stated that scammers are constantly evolving. According to him, they shift to different attack vectors depending on the use case that the client has chosen and the payment being made. He noted that when companies leverage standard validation methods to verify payments, they lag behind. Banks no longer have the option to simply look at variables or data points to ensure that accounts are valid. This algorithm of action is one of the first lines of defense against criminals.
Last year, the results of special industry research showed that in the United States, more than a quarter of payments executives faced an increase in fraud and risk management uncertainties. Also, the corresponding number of respondents faced losses, the total amount of which exceeded $500,000 over the prior 12 months.
Moreover, the results of specialized industry research indicate that in 2024 more than 25% of consumers became victims of credit card fraud. Also, more than 35% of respondents stated that they are very or extremely concerned about the potential likelihood of becoming victims of the mentioned crimes.
It is worth noting that the issue of security in cyberspace, including in the context of threats related to fraudulent activity, has become more relevant against the background of the active development of advanced technologies. For example, scammers have access to artificial intelligence tools and use AI in their activities. For this reason, the algorithms for committing crimes have become more complex. It is now more difficult to detect suspicious activity. One of the tools for countering cybercrime is the personal awareness of users. For example, an Internet search query such as how to know if my camera is hacked will allow anyone to get information about signs of unauthorized access to the device. Relevant knowledge should be updated periodically, as scammers strive to use advanced technologies that are constantly evolving.
