Earlier this week the National Automated Clearing House Association (Nacha) announced plans for a new blockchain system, Phixius, to enable the exchange of payment-related information.
Nacha runs the ACH payments system in the U.S. which in 2018 processed 23 billion payments with a value of $51 trillion. In terms of dollar value, this is by far the dominant U.S. electronic method of payment.
A major avenue for fraudsters is to replace real recipient bank details with their own. It’s commonplace to hear of scams in which a seemingly legitimate email arrives at an accounts department with an attached invoice. But the payment details are not the correct ones. Sometimes there’s an added sense of urgency if the fraudulent email appears to come from the person’s boss.
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