Running a successful business as a CFO or Accounts Payable manager is a constant venture be vigilant about protecting your corporate assets. When dealing with payments like automated Clearing House (ACH) payment or Wire Transfers, corporate accounts must be protected with minimum risk. Unfortunately, ACH and Wire fraud are more prevalent in our cyber-connected nation.
ACH and Wire payments have been a mainstay for bank and business transactions for several years, allowing the capability to electronically transfer funds between banks by using just the account and routing numbers. As time goes on and technology becomes more advanced, new fraudulent practices are found to bypass security clearances and steal time-sensitive information from businesses. Know what to look for to avoid becoming a victim of ACH or Wire fraud and learn how to spot scams.