Financial fraud costs your organization time resources and money every time fraudulent activity occurs.
ACH fraud is one of the fastest growing types of fraud with criminals creating more sophisticated scams and using the latest technology to their advantage.
While it's impossible to prevent all fraudulent activity, reinforcing best practices within your business is one of the best ways to help protect your financial information and mitigate the risk of fraud.
Though everyone has received an email or two that was obviously a scam, fraudsters still employ advanced email techniques in committing ACH fraud. One technique fraudsters use is to infiltrate a vendors email and respond to a prior sent email to appear as though it were on the same email chain.
More sophisticated criminals use information from social media including names and titles of people in your organization and details from public posts or profiles to make the email text or online message seem more authentic - like it's coming from a trusted contact.
One of the best defenses against fraudulent transactions is maintaining close relationships with vendors, checking in whenever requests seems outside of their typical pattern. Always verify changes in contact information or remittance address with your in-house records and keep track of the timing of when information has been changed and whenever there is a first-time request from a vendor or a change in bank wiring or ACH instructions. Confirm the change with two sources whenever possible.
So far we have focused on fraud related to outgoing ACH activity but a focus on incoming ACH payments is also critical. SunTrust offers fraud prevention services that allow you to block or review ACH debit transactions before they post to your account making sure that everyone within the organization understands that taking the time to review ACH transactions upfront significantly reduces time spent rectifying problems with your account.
Reviewing the fraud with law enforcement and making up for the loss to your reputation and your bottom line. As your partner in fraud protection SunTrust also offers the universal payment vacations service which can help you safeguard your account information by providing you with the masked account number for you to receive payments from trading partners protecting your account information and helping to prevent unauthorized debits to your account.
Contact your relationship manager or Treasury sales officer if you have any additional questions about fraud and how we can help you stay one step ahead.
This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
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