The latest threats to ACH (Automated Clearing House) payments are garnering a lot of attention, in relation to payroll fraud and kiting. Check out the article, below, for more information.
There will be 25 billion ACH transactions occurring annually by 2010, estimates NACHA, the electronics payment association. Many of these transactions will be check conversions at merchants, including Wal-Mart, Target and large supermarket chains.
With these numbers growing every year, ACH fraud is also growing, says Michael Thomas, Executive with the Financial Institution Group at Crowe Horwath. Criminals are finding it more enticing “to follow the money,” Thomas says.
This article reviews the latest ACH fraud trends – and what institutions should be doing to protect themselves.