Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Should the new adage be that the more something is used, the more likely it is to be misused? That certainly is the case with ACH, or Automated Clearing House, transactions. Long a virtually fraud-free exclusive banking club, the ACH is paying a price for popular programs that now permit people to authorize ACH debits to personal or corporate accounts over the phone and allow consumer checks to be converted into ACH debits at either the point of sale or retail lockbox. In the process, check fraud has been converted into ACH fraud. “It’s a lot easier to get a file into the ACH than it used to be,” notes Anthony J. Carfang, principal of Chicago-based Treasury Strategies Inc. “As barriers have come down, volume has gone up, and so have errors and fraud.”

Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.