BofA launches Account Validation service

BofA has rolled out a fraud prevention service for corporate and public sector clients making payments in the US.

Before launching an e-credit or debit card, the customer using the service – called Account Validation – can verify the account status, and identify the owner.

Supported by Preliminary Banking Awareness Services, the new option can respond to customer inquiries in real-time, and companies can apply before making payments to customers via ACH, wire transfer, or the actual charge.

BofA says Account Verification also helps prevent payment errors, which occur when a payer provides an account number inadvertently.

David Kretz, head, global award, global marketing services, BofA, said: “With the increase in fraud, companies are no longer able to make sense of whether a person or organization on the side the other is the reward they declare.

“Ensuring data and other anti-fraud tools are essential for today’s financial institutions.”

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