To help reduce fraud, NACHA (National Automated Clearing House Association) is requiring businesses to have controls and procedures in place to identify suspicious ACH activity.
(Fraudsters really need a more productive hobby.)
A few best practices:
- Verify new vendors before sending payments.
- Confirm any banking instruction changes through a trusted source.
- Require dual approval for ACH activity.
- Review unusual payment activity.
- Verify direct deposit changes.
- Train employees to spot common fraud schemes.
Questions? Contact your Treasury Management Officer.
Nacha not Nacho