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ACH Payment Fraud

  • 1.  ACH Payment Fraud

    Posted 06-27-2018 06:48
    Hello,

    I am curious if other companies are experiencing threats of ACH fraud.  We experienced check fraud a few years back and made the switch to paying vendors via ACH.  Recently we have had an increasing amount of emails coming from our "vendors" asking to change their ACH information.  The hackers are creating domains that at a quick glance appear to be their email. For example, ennisselectric.com instead of enniselectric.com. The exact vendor signatures are even in the emails.  We have implemented internal controls to catch these attempts but I'm nervous one attempt will be two steps ahead of our efforts.  Currently, after they complete our ACH agreement and fax back to us, I personally call the company to verify.  I try to speak to someone higher up than the employee who signs the form.

    We have caught 3 fraudulent attempts this year.  All three are coming from the exact same source... See below

    Registrant Name: George Smith
    Registrant Street: 30 Exchange Street
    Registrant City: Key West
    Registrant State/Province: Florida
    Registrant Postal Code: 33040

    So, how do you pay your AP vendors? How are you protecting the company against cyber crimes?  


    Thanks for you insight,

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    Staci Hurst CCIFP
    Controller
    Ennis Electric Company, Inc.

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