ATLANTA, Aug. 26, 2020 /PRNewswire/ — Fraud in banking transactions, particularly wire transfers, have turn out to be an more and more critical concern in regard to unrecoverable lack of funds and general threat. Bloomberg Enterprise studies that cyber-criminals steal as a lot as $1 billion a yr this fashion.
Automated Clearing Home (ACH) transactions make the most of a federally regulated digital community and is utilized by banks to ship and obtain invoice funds, e-checks, direct deposit statements and different varieties of transfers. Whereas “federally regulated” would possibly give a banking buyer consolation for his or her monetary transactions, the bulk perceive an ACH transaction has more and more turn out to be riskier, particularly in recent times.
In response to this rising fraud, the Bank Shot app was developed in 2015 by 30-year trade professionals, Glenn F. Drake and Bernardine W. Drake, who had a protracted historical past with earnest cash of their actual property enterprise. Bank Shot allows their purchasers and prospects to make the most of protected and safe cost options. Bank Shot constructed their patented cellular app, for iPhone and Android, with a compliance-first mentality, targeted on cyber safety and using its one in every of a sort stoplight expertise to guarantee the depositor that their funds might be safely transferred, and places the depositor in command of the method.
“There are lots of cellular earnest cash examine options which can be an ACH,” says Glenn Drake, Founder and Co-Developer of Bank Shot. “There are quite a few causes we felt like an ACH isn’t the answer for our Bank Shot prospects, since we wished to keep away from mandating data akin to a person’s bank account, account quantity, social safety quantity, and different personal data. We as an alternative developed our Cease Gentle expertise, giving our consumer/buyer the power to Settle for, Maintain or Reject a examine, due to this fact putting them in command of their transaction.”
Bank Shot makes use of a distant deposit course of permitting for the power to deposit objects into a number of accounts in addition to a number of monetary establishment using a safe portal. Bank Shot is a examine deposit, not an ACH course of.
Authorities officers have repeatedly warned banks and companies to the rising and expensive pattern of funds switch fraud, through which cyber-criminals make use of phishing emails, compromised web sites, malware, and different instruments to steal bank login credentials, then switch cash out of the sufferer’s bank account and into the thieves’ account—typically, at a bank midway world wide, the place the funds can’t be recovered.
“I’ve held earnest cash for over 30 years and have constructed Bank Shot’s compliance from the bottom up, and being non reliant on ACH was a ‘should’ for us,” continues Drake. “Truly, most corporations within the title world perceive and don’t settle for ACH as a matter of compliance and competent process. Since Day One, we have been targeted on retaining the Bank Shot app protected, safe and simple to make the most of for earnest cash and different cost transactions. It is that easy.”
For extra data concerning the Bank Shot app, go to getbankshot.com. Media contact for interviews or to view a Bank Shot demo, please contact Roger Drake, Drake PR & Advertising and marketing, Inc. at [email protected] or 631-495-2676.
SOURCE Bank Shot