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.
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.
Each organization has unique business functions, which 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.
If you would like more information about ACH Fraud Chicago, contact us at InfoSightinc.com.