ACH
fraud is an increasingly common type of financial fraud because it’s relatively easy for scammers to
do.
What is it?
- ACH fraud is any unauthorized transfer from a bank account using the Automated Clearing House (ACH) network
- With an account number, scammers can easily commit fraud because the only other piece of information required to initiate an ACH debit is the routing/transit number, which is publicly available
How do they get account
numbers?
- Stealing checks and bank statements
- Tricking someone to provide information via social media, phone or text
- Other ways to fraudulently access information provided to trusted sources, including:
- Credit card companies
- Utility companies
- Checks written to any payee (e.g. physician office, government)
- Other bank accounts or brokerage services to transfer funds between accounts
How can you protect yourself?
- Use alerts in Digital Banking for account activity
- Review your statements to ensure your transactions, dates, and amounts are as expected – and report and discrepancies immediately
- Update your passwords and verification methods, such as security questions, regularly
- Avoid using public Wi-Fi networks when possible as they are not secure
- Be very careful and selective when sharing account information for paying bills or taxes
- If you plan to dispose of or donate a cell phone, tablet, laptop or computer, ensure that the device has been reset back to factory settings and no personal information is retained