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RDFIs Need to Prepare for More Litigation and Regulatory Penalties


Date 03:10 PM - 04:00 PM (0 hours 50 minutes)
Sunday, April 16
Compliance & Regulatory

The dramatic increase in email phishing and hacker attacks against companies has resulted in a potential increase in the number of ACH credits RDFIs receive that may represent stolen funds. Recently, a Court ordered an RDFI to reimburse a company that suffered a significant loss because of the RDFI mishandled an ACH credit it received for a customer that was a “money mule”. RDFIs have also been sued by customers who have received COVID-19 government funds and have argued that the RDFI mishandled the ACH credit. During this session you will learn the details of these cases, risks RDFIs face in receiving ACH credits and steps RDFIs can take to mitigate this risk.