ACH Fraud Jacksonville
With today's digital economy, there is a growing desire for customers
to receive employment compensation through direct deposit, and they find
it much more
convenient to pay bills and send money electronically, rather than using
checks. What they don't realize, is that this form of banking has lead to
a high rate of ACH fraud in Jacksonville.
Although choosing digital economy is much faster and more convenient, it has also become a highly targeted means of theft for cybercriminals. Cybercriminals have been using an array of tools to compromise organizational systems for quite a while. Once they have retrieved the information they need, it is fast and easy for them to commit ACH fraud - transferring money out of your customer’s bank account and into theirs.
Cybercriminals are targeting small to medium size organizations, because such businesses often do not have dual controls on their accounts, nor do they have strong security postures in place, which leads to ACH fraud in Jacksonville. Establishing a strong information security posture is not a “one-size-fits-all” solution, and it is not as simple as installing a firewall, or having anti-virus protection to mitigate ACH fraud, as you know.
Each organization requires appropriate security measures to be in place to, not only to protect that organization from ACH fraud, but to comply with 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