The ABC's of ACH Fraud

ACH fraud. We've been talking about it for nearly a year now. It was last August, you may recall, when the FDIC issued a warning about the risks of online fraud to mid-sized businesses and banking institutions. For six months, the agency said, it had been tracking reports of businesses being pilfered by unauthorized transfer after their online banking credentials were either stolen or compromised. And yet since that warning, we've seen some of our biggest ACH incidents, including: PlainsCapital Bank v. Hillary Machinery -- the case of "bank sues customer" after Hillary lost $800,000 to an ACH scam, and the bank asked the court to declare what is considered "reasonable security." Town of Poughkeepsie, NY -- losing nearly $400,000 to an ACH scheme. Experi-Metal vs. Comerica Bank -- over a $550,000 theft. Posted in: Deposit Account Fraud