Social Security Sending Corrected Benefit Notices

 
The Social Security Administration earlier this month mailed notices that contained incorrect January 2010 payment dates.  These erroneous notices went to about 6 million beneficiaries who receive their payments on either the second, third, or fourth Wednesday of each month, and are part of the annual benefit notices that go to 52 million Social Security beneficiaries.  In the notice the payment date is incorrectly shown as one week before what the actual date of payment will be.  The other information in the notice, including the payment amount, is correct.  Social Security is sending a letter explaining the error to beneficiaries who received the incorrect one as soon as possible.

“We apologize for the inconvenience and confusion these incorrect notices will cause,” said Michael J. Astrue, ...

Action Requested
 

This information is provided for informational purposes. Your organizations, and those of your members/customers, are invited to participate in a nationwide cyber attack simulation exercise February 9 - 11, 2010. The exercise is being conducted to test the ability of financial institutions, processors, and other payment systems industry partners to respond to and recover from major cyber attack incidents impacting payment processes.   <more>

Action Requested

This communication is provided for informational purposes.
 

Update

As a follow up to our Members' communication of November 12, 2009, titled "Phishing Alert from NACHA," NACHA felt it prudent to provide our Members with an update on this topic. You may be aware that NACHA is one of several national organizations to have its web site and e-mails fraudulently mimicked by cyber-criminals.

FOR YOUR INFORMATION:
 

Since the publication of the 2009 edition of the ACH Rules, NACHA’s Voting Membership has approved two additional amendments to the NACHA Operating Rules (Rules).

1.      The ACH Data Review Rule provides a framework within the Rules for NACHA to receive additional data regarding ACH entries from the ACH Operators to support NACHA’s current role in Rules enforcement and ACH Network Risk Management. This amendment becomes effective on December 18, 2009.

2.      The Direct Access Registration Rule, which becomes effective on June 18, 2010, requires an ODFI to register its Direct Access debit status with NACHA, and to provide NACHA with specific information about each Direct Access debit relationship.

Each of the ...

Action Requested

Direct FI Members, Regional Payments Associations, and ACH Operators are invited to submit nominations of individuals to serve on the Risk Management Advisory Group (RMAG) for two years beginning November 1, 2009. Direct FI Members and ACH Operators may nominate employees of their organizations. Regional Payments Associations may nominate employees of their associations and of their financial institution members.

 

Nominations must be submitted by close of business on Monday, August 31, 2009 to Cathy McNickle at cmicnickle@nacha.org or 703-787-0996 (fax). A nomination forma can be found below.

 

Executive Summary

RMAG is dedicated to establishing best practices for risk managemen ...

ODFIs: Keylogging Attacks
Fraudsters May Be Looking at Your Customers For a Way Into ACH

ODFIs’ customers are being attacked by malicious software in which perpetrators are increasingly using rootkits (programs designed to hide or obscure the fact that a system has been compromised) to mimic the look and feel of legitimate financial institution websites. Users provide their credentials, without knowing that it is the perpetrator behind the website.

Some of the malicious software, also known as malware, infects computers by keystroke logging or keylogging. This allows the criminal to obtain user ID and password, which leads them to information about account balances, activity and potential victim accounts. Other viruses are more robust by logging user ID and password, alerting the perpetrator when the legitimate user has provided those credentials. T ...

FOR YOUR INFORMATION:

 

Since the publication of the 2009 edition of the ACH Rules, NACHA’s Voting Membership has approved a number of changes to the NACHA Operating Rules (Rules) that have minor impacts on the ACH Network. In general, minor impact issues fall within Category C under the Rule Making Process and include: 1) editorial changes to address corrections to grammar and similar errors; 2) changes to correct inconsistencies between various rules; 3) clarifications of intent; 4) minor modifications to incorporate current practices (e.g., Operator edits, return code descriptions); and 5) changes that involve minor software modifications.

These amendments are grouped into categories based on their effective dates. The first set of amendments became effective on June 19, 2009. The second set will become effective on September 18, 2009. The third set of modificat ...