RiskTech Forum

Automated Dual Verification: Developing Multi-Level Controls to Enhance Security and Risk Management

Posted: 18 April 2012  |  Source: Fiserv


Does your financial institution have effective and robust controls to reduce ACH risk? More than ever before, financial institutions are under intense scrutiny to reduce the risk of errors and fraud. Regulators now require additional security measures and view multiple levels of authorization as critical for the protection of consumers, businesses and financial organizations, and important for maintaining the integrity of the Automated Clearing House (ACH) payments network.

Market uncertainty and an increasingly rigorous regulatory landscape have financial institutions facing intense scrutiny to reduce the risk of error and fraud. Regulators are requiring additional security measures and segregation of duties, such as multi-level verification (also known as dual control or dual authority), to ensure that proper controls are in place for mission-critical payment systems. This changing security climate places mounting pressure on financial institutions to ensure that effective and robust controls are in place and being utilized through sound business practices.

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