rise in fraud related to Automated Clearing House payments puts businesses and their banks at risk.
Vincent Ryan - CFO.com | US
Thieves rob $1.3 million from a property-management firm by initiating debits against its accounts using banking information pilfered from a painting company. Banking credentials stolen at a small veterinary office in Ohio lead to theft from a large New Jersey corporation. A series of bogus wire transfers help topple a Pittsburgh savings and loan.Continue Reading at CFO.com
As these incidents from 2009 illustrate, payments fraud against corporations is on the rise, particularly in the area of electronic transactions that take place through the Automated Clearing House (ACH) network. In December the Electronic Payments Assn. (NACHA) issued a warning to banks about a cybercrime called corporate account takeover — when thieves gain control of a bank account by stealing a finance department's online banking passwords and possibly other credentials. Just prior to that, the FBI's Internet Crime Complaint Center reported there was an escalation of thievery related to ACH and wire transfers.
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