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Fraud attempts with ACH, wire and presumably FedNow®/RTP® payments often occur when a member of an organization falls for a scam impersonating an employee, HR official or vendor.
Why it matters: Whether it be through a fraudulent email or some other means of digital communication, businesses like yours are losing funds every single day.
Fraudsters are constantly searching for their next victim, and while steps can be put in place to mitigate certain attacks such as adding tough layers of security to online platforms to prevent account takeover or keystroke logging malware, fraudsters have moved on to coercing the users of those online platforms to willingly give up their credentials or send fraudulent payments on their behalf.
If the payment you’re sending is to a new account, a more elaborate set of procedures should be performed by your organization before forwarding that payment to your financial institution.
Ask yourself these questions:
- Did you verify the identity of the Receiver/Beneficiary?
- Was an invoice received legitimately and then verified with secondary communication?
- Is this payment within the normal scope of operations?
- Is upper management aware of this account change?
Dive Deeper: Check out EPCOR's Did You Know videos, available on YouTube & epcor.org.
Your Beneficial Ownership Information
The Financial Crimes Enforcement Network's (FinCEN) most recent requirements largely impact small businesses by requiring them to file and report Beneficial Ownership Information (BOI).
Learn more about the requirements for reporting, timelines in which you must file, and possible repercussions if you do not file.
Heartland Bank is a family-owned bank located in 15 communities across the heart of Nebraska. Its vision is to improve the lives of customers, associates, and communities. Heartland Bank has been a five-time recipient of American Bankers' Best Banks to Work For award.
