Any method your business uses to pay a vendor, such as checks, Automated Clearing House (ACH) payments, or wire transfers, can be intercepted or manipulated to commit fraud. Check fraud is the most common, but wire fraud and ACH fraud are close behind. The same efficiency and speed that are benefits of electronic payments also make them attractive for fraudsters because there’s very little time for you to recognize the fraudulent payments and alert your bank to recall them.
This episode of the First Business Bank Podcast covers:
- Important low-tech best practices to implement at your business now to prevent payment fraud
- Critical steps to prevent ACH and wire transfer fraud
- Out-of-band authentication and why you need to practice it every time
- Dual controls internally to prevent theft and fraud
- Fraud prevention banking solutions for businesses