ACH payment fraud has risen dramatically in the last two years. Unauthorized ACH debits, and ACH payments unwittingly sent to fraudsters instead of the intended vendors due to unverified bogus change of bank and remittance instructions, are not the bank’s liability. These fraudulent transactions cannot be returned or recalled after 24 hours, making prevention enormously important. Wire fraud has almost quadrupled since 2013, with most losses unrecoverable. Today, 43% of BEC scams target wires. ACH and wire fraud are preventable by using proper internal controls. Despite predictions of their demise 45 years ago, paper checks are still used by most companies (including a vast majority of small businesses)…AND fraudsters! Checks are now targeted in 70% of BEC scams, up nearly 100 percent since last year. This is a clear integration of social engineering, technology, and an old-school payment system. Fraud may shift between payment methods, but it’s not going away and its scope is expanding astronomically. Those attending this session will be better equipped to identify current strategies fraudsters use to commit ACH and Wire fraud, and specific, straightforward internal controls organizations can use to thwart them.

Attendees will better understand check fraud, including eChecks, Mobile Banking, and how fraudsters are beating Payee Positive Pay. They will learn clear-cut strategies for preventing check fraud of all types. The presenters will share real-life fraud situations, including what went wrong and how the losses could have been prevented.