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03/22/2023
What is ACH Fraud and How to Prevent It
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The Automated Clearing House (ACH) network is a way of transferring money from one bank account to another. Supporting both credit and debit transfers, payments and withdrawals are sent to the clearing house where they await authorization before arriving at their final banking destination. In the US, this network is overseen by the National Automated Clearing House Association (NACHA).
What is ACH Fraud?
ACH fraud occurs when funds are stolen through the ACH network. A criminal needs two things to carry out ACH fraud:
- A bank account number
- A bank routing number
With this information, they can transfer money from the victim’s account, either as a lump sum or as recurring payments. They can also make unauthorized payments for goods or services. The time delay with ACH payments is a key vulnerability that financial criminals ex
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