Bank of America’s new service offering, Account Validation, will assist in fraud prevention by enabling public and private sector clients to verify the status of an account and authenticate the account owner prior to initiating an electronic credit or debit payment. The Account Validation service is supported by Early Warning Services, LLC (EWS), which is owned by seven U.S. financial institutions, including Bank of America. Early Warning Services is a fintech company that provides identity, risk, and payment solutions to financial institutions.
David Kretz, head of Global Payments in Global Transaction Services at Bank of America, states “with fraud on the rise, companies can no longer make assumptions about whether the person or entity on the other end of a payment is who they say they are. Account Validation and other fraud prevention tools are essential for today’s treasury teams.”
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