Attention Credit Unions Using Jack Henry Services
Did you know that Jack Henry offers resources to help clients recognize financial frauds and scams? You can review these materials by visiting their online Resource Center. Additionally, Jack Henry recommends the following as ways to reduce or prevent fraudulent activity:
- Review transaction cap limits.
- Review daily reports in MASTER Site.
- Subscribe to Payments to New-Edited Payees for more in-depth information.
- Making pay/no pay decisions regarding suspicious activity, stopping/canceling payments in MASTER Site up until processing time.
- Deactivating a Bill Pay account that has answered yes to survey questions regarding fraud, and informing iPay of fraudulent activity.
- iPay’s assistance in stopping/canceling payments cannot be guaranteed via email. For the quickest resolution, please call 800-411-2181.
- Keep your fraud contact information current in Bill Pay. Email fraudmonitoring@billpaysite.com with an email distribution list, or up to three individual email addresses to contact regarding fraud inquiries. Add a phone number for last-minute verifications.
How does the Jack Henry Fraud Monitoring team identify possible fraudulent payments? Below are some steps that they take, along with important reminders/details to be aware of:
- Jack Henry reviews multiple reports that are generated several time throughout the day, based on certain algorithms, to identify potential fraud.
- Reports are filtered based on risk type and dollar amount and are reviewed by the team. Dollar thresholds are modified daily based on report volume.
- Jack Henry includes previously committed fraud information to their internal database. This triggers an alert when new accounts are opened or existing accounts are changed to include any of the targeted information. This then leads to an immediate shut down of the account and the institution is notified.
- Eligible payments should be stopped/canceled through MASTER Site by an admin user from your institution. If end-of-day processing has not completed, iPay can assist with stopping payments in a Processed status that are identified as fraudulent. This is a very small window of opportunity and iPay cannot guarantee that they will be able to cancel every payment during this time frame.
If you have any questions, please contact the Cards & Payments team.
