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Solutions to Protect You From Payment Fraud as a Result of Business Email Compromise
According to a recent study published by AITE Group, fraud losses due to identity theft increased a staggering 42% between 2019 and 2020.

Payment fraud is flourishing as a result of the pandemic, with increased use of digital payments and fraudsters using ever more sophisticated attempts to get companies to pay them. Across payment types, including vendor payments, payroll processing, and other remittances, corporates and financial institutions are struggling to cope with the scale and sophistication of the challenges.

GIACT, a Refinitiv company, is helping financial institutions and corporates act quickly to secure their platforms, reduce fraud, and protect their customers.

To validate payments before a loss can occur, GIACT — the leader in helping companies positively identify and authenticate customers — built gVERIFY®.

gVERIFY uses the routing and account number to provide real-time account status for consumer and business accounts, giving you the confidence that an account is valid before approving deposits or accepting payments.

gVERIFY provides businesses with checking account status, updated daily directly from financial institutions nationwide; confirmation of the date the account was added to the network; comprehensive analytics into historical account behavior to predict future trends; as well as the status related to multiple payment types, including wire, check and ACH.

With gVERIFY, businesses can:

  • Mitigate payment risk in real time: Before processing ACH debits, accepting checks, processing disbursements, or sending a wire, GIACT's checking account verification systems can make real-time verification decisions.
  • Leverage bank consortium data for maximum coverage: Access bank account status information on checking or savings accounts directly from financial institutions.
  • Analyze historical transaction behavior: Gain deeper insight into likely future trends through analytics on historical account behavior to prevent account takeover and unauthorized payments.

Learn how gVERIFY can help you protect your payments.