[Fraud prevention 101: ACH fraud] [Truist logo]
[ACH fraud: ACH fraud is one of the fastest-growing types of fraud. Find out how we can help you stay one step ahead.]
Narrator: ACH fraud is one of the fastest-growing types of deception techniques, especially as criminals create more sophisticated scams and use the latest technology to their advantage. A common trick is to infiltrate a vendor’s contact information and respond to a previously sent message so it appears to be part of the same chain or thread.
Some even use details from social media to make the email, text, or online message seem like it’s coming from a trusted contact.
One of the best ways to prevent fraudulent transactions is to have close relationships with vendors.
Check in with them to verify any unusual or first-time requests, changes in contact information or remittance addresses, or changes in wiring or ACH instructions. Whenever possible, confirm any change with two sources.
Monitoring incoming ACH payments is just as critical. Truist offers fraud prevention services that allow you to block or review ACH debit transactions before they deposit to your account.
We also offer a Universal Payment Identification Code, which gives you masked account numbers for receivables to help prevent unauthorized charges to your account.
It can be good to remind everyone in your organization that time spent reviewing ACH transactions upfront can reduce time spent rectifying problems later.
[Establish strong defenses against cyberattacks.]
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Contact your Truist relationship manager or treasury consultant for more information on fraud protection.
Truist Bank, Member FDIC. © 2024 Truist Financial Corporation. Truist, the Truist logo, and Truist Purple are service marks of Truist Financial Corporation.
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