ACH Risk Management

2017 Association for Financial Professionals (AFP) Payments Fraud and Control Survey

The 2017 Association for Financial Professionals Payments Fraud and Control Survey shows a continued upward trend of organizations victimized by payments fraud. In 2016, 30% of organizations were victims of ACH debit fraud and 84% of organizations experienced up to five ACH fraud incidents.

Fraudulent ACH debits have already grown to such a degree that CUNA Mutual Group, an insurance company providing financial services to cooperatives and credit unions, published a risk alert warning for members detailing the problem.

The alert referenced specific cases where members of several California-based credit unions recently initiated ACH debits against a county treasurer’s tax account at a bank, with some using the illicitly obtained funds to pay off vehicle loans.

2017 Association for Financial Professionals Payments Fraud and Control Survey

ACH Blocking & Filtering

Protect any Pegasus Bank Business account from unauthorized electronic debit or credit entries by setting ACH Blocking and Filtering instructions. This service permits entries only from authorized companies. Transaction limitations may also include dollar amount and type of ACH entry. Avoid the costly possibility of overlooking a transaction and losing the right of return.

2017 Association for Financial Professionals (AFP) Payments Fraud and Control Survey

The 2017 Association for Financial Professionals Payments Fraud and Control Survey shows a continued upward trend of organizations victimized by payments fraud. In 2016, 30% of organizations were victims of ACH debit fraud and 84% of organizations experienced between one and five ACH fraud incidents.

Fraudulent ACH debits have already grown to such a degree that in March CUNA Mutual Group, an insurance company providing financial services to cooperatives and credit unions, published a risk alert warning to its members detailing the problem.

The alert referenced specific cases where members of several California-based credit unions recently initiated ACH debits against a county treasurer’s tax account at a bank, with some using the illicitly obtained funds to pay off vehicle loans.

2017 Association for Financial Professionals Payments Fraud and Control Survey