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.”