ACH Fraud North Carolina
Many of your customers prefer to receive pay checks through
electronic deposits, and conduct electronic transactions such as electronic bill pay and transfer. But
what they do not realize is, receiving and especially sending money
electronically, has its risks. This is why ACH fraud in North Carolina is
on the rise.
As convenient as this way of banking is, small to medium organizations, such as yours, are a high target group for cybercriminals. These hackers know that smaller businesses do not use dual controls on their accounts, nor have they adopted a strong information security posture, to mitigate ACH fraud in North Carolina.
Cybercriminals use many different 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 them; they can use them to commit ACH fraud - literally just transferring your customer's money out of their account and into theirs.
This is why your organization not only needs to comply with industry standards, ever-changing federal regulations and state privacy laws, but must put the proper security solutions in place.
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