ACH Fraud Chicago
More and more of your customers are choosing direct deposits,
electronic bill payments, and electronic money transfers. This is why
your organization must become more diligent in fighting ACH fraud in
In today's high advancement and use of the internet, hackers or cybercriminals have discovered ways to steal you customer’s hard-earned money. These cybercriminals use an array of tools, including phishing emails, compromised legitimate websites, fake friend requests on social sites, and malware to obtain your customers’ bank logon credentials.
Once they have retrieved this information, it is easy for them to commit ACH fraud. This is why your organization must become more diligent in protecting your customer's vital data, and help put and end to ACH fraud in Chicago.
There is not a “one-size-fits-all” solution for every organization. Each business is unique, and requires the appropriate security measures to be in place, as well as complying to the industry standards, ever-changing federal regulations and state privacy laws.
To safeguard their customers from ACH fraud, financial institutions have invested a great deal of time, energy and finances into combining a variety of technologies into a layered security approach. However, fraudsters are using a variety of techniques in an attempt to thwart these security solutions in order to commit ACH fraud. They understand that if you can’t hack the technology, you can always hack the user. They use:
• Phishing emails to inject malware on the customer’s computer
• Mobile malware to take control of the victim’s phone
• Malicious websites that can distribute malware just by visiting them
• Social engineering ploys to trick bank customers into divulging sensitive information
• Free WiFi hotspots to intercept traffic and infect vulnerable devices
• And more
ACH fraud is very easy to execute. All the fraudster needs is a bank account number and a bank routing number to initiate payments for purchases or to pay a debt by giving these numbers to the vendor.
Intrusion Detection and Prevention