Avoid ACH & Wire Fraud

Avoid ACH & Wire Fraud

Know Your Recipient. First and foremost, NEVER ACH or wire money to a stranger — no matter the reason they provide. And if you’re paying money to a vendor you’re not familiar with, search the company’s name online with the term “scam” or “complaint.” Read what others are saying about the company. Only purchase merchandise from reputable dealers or establishments.

 Verbally Confirm the Request. Fraudsters are using email to request ACH & wire instructions. Always call your beneficiary from a number you have on file for them and verbally confirm the details of the ACH or wire instructions, including account number, name on account, bank, etc.

 Verify Before Clicking or Opening. Although links and attachments may appear to be from someone you know, it may be a fraudster phishing for your password, business bank account, or other sensitive information.

 Double-check the Email Address. Fraudsters are tricky and can create email addresses that look very similar to a legitimate account. They often find naming conventions for a company’s email accounts on its website and use those to fool you — inspect closely!

 Do Not Reply to Emails as Verification. Don’t respond to the requester by email. The fraudster either controls the spoof email account or has gotten access to the valid email account and can write back, making it look legitimate when it’s not.

 Beware of a Sense of Urgency. Usually, fraudsters will indicate that the funds need to be wired or sent via ACH right away. These requests often ask that the client be contacted only through email instead of other channels.