The National Automated Clearing House Association (NACHA) recently announced that it approved same day ACH. The ruling means that the movement of funds between banks will increase to three times each day.
With this heightened activity, we anticipate that companies will see an increase in ACH fraud attempts.
There are measures you can enact now to help reduce the fraud you currently see in your ACH transactions and to help prepare your business for the potential increase in fraud attempts in 2016:
- Implement ACH debit filters and blocks so that requests that do not meet previously approved criteria are flagged for your review.
- Segregate accounts and duties to require dual approval.
- Monitor and reconcile transaction accounts daily.
- Mask and encrypt sensitive information.
- Collect tokens and update credentials when an employee leaves.
Regular reviews of your business’ accounts, internal controls, and systems can help you stay one step ahead of fraud.
At First Western, we work with our banking clients on an annual basis to help ensure that they are taking advantage of the latest technologies and services to improve their security and enhance their cash flow.
If you haven’t reviewed your accounts and services recently, we encourage you to reach out to a member of our Treasury Management team at 303.531.8100, or visit our Locations tab to find an office near you.