ACH Fraud

ACH Fraud

Be aware of ACH Fraud, that can be detrimental to your organization's important data. With today's digital economy, many of your customers prefer to receive employment compensation through direct deposit. Plus, they are finding it much more convenient to pay bills and send money electronically rather than using checks.

You need to know how to protect your customers of ACH Fraud, as well as putting systems in place to secure their vital data. Unfortunately, cybercriminals have discovered how to steal your customer’s hard-earned money. They use a variety of tools including phishing emails, compromised legitimate websites, fake friend requests on social sites, and malware to obtain your customers’ bank logon credentials.

Establishing a strong information security posture is not a “one-size-fits-all” solution, and it’s not as simple as installing a firewall or having anti-virus protection to mitigate ACH fraud, as you know.

Each organization has unique business functions that require appropriate security measures to be in place to, not only protect their organization from ACH fraud, but to comply with industry standards, ever-changing federal regulations and state privacy laws.

With ACH fraud, cyber criminals can empty a business banking account in a matter of minutes. To make matters worse, banks often have a hard time spotting ACH fraud transactions because the volume of money moving through the network is simply overwhelming.

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.

Complementary Services
Vulnerability Assessment
Penetration Testing
Intrusion Detection and Prevention