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Four Steps for Fighting ACH Fraud

May 3, 2012

The FBI stressed four steps for thwarting wire fraud including training tellers and call center representatives to ask for full account numbers, authenticate transactions with challenge questions, and always request multiple contact numbers before clearing any funds transfer.

The FBI stressed four steps at a recent seminar for thwarting automated clearinghouse and wire fraud. Those steps include training tellers and call center representatives to ask for full account numbers, authenticate transactions with challenge questions, and always request multiple contact numbers before clearing any funds transfer.

Another step is to put a hold on a wire transfer for a specified interim when the transfer is requested for funds going to an overseas account, in order that the institution has sufficient time to confirm the transaction’s authenticity. The other steps include regularly updating employees and corporate clients’ PCs with the latest anti-malware and antivirus software, and using low-tech, out-of-band methods such as a follow-up fax to verify and authenticate a funds transfer.

In addition, the Texas Bankers Electronic Crimes Task Force identified and published best practices and security standards for Texas-based banking institutions. Such standards include expansion of risk assessments to cover account takeover, individual rating of customers or customer types that execute online transactions, deployment of contingency plans to recover or suspend breached systems, contacting law enforcement and regulatory agencies when initial recovery efforts have been completed, and training bank employees and account holders to spot the signs of computer system hacks, account theft, and takeover.
 

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