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Understanding and dealing with Automated Clearinghouses (ACH) frauds

Automated Clearinghouses (ACH) are a popular means of financial transactions, as they substitute actual physical paper documents such as cards and checks. ACH’s are an electronic network that facilitate and carry out a huge number of transactions online. In being online and quick; they have grown as a byproduct of the IT revolution and have gained popularity around the world for the ease of payments they cause.

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However, like all other technology-dependent systems; ACH’s bring their own disadvantages. Like all other modes of technological payment methods; ACH’s are prone to a variety of frauds. All that it takes to breach and impugn the systems is some smartness and knowledge of the ways in which they work within organizations or networks. Since ACH’s house almost all kinds of transactions; embezzlement into their systems can typically affect all kinds of payment methods and accounts, ranging from hacking and taking over entire individual accounts to penetration of accounts of business houses.

Companies that deal with ACH’s in one or another form –and there is no dearth of these –need to be constantly on their vigil if they have to prevent large-scale of small-scale swindling of their accounts. Their transactions need to be tightened and made as secure as possible if they have to prevent frauds.

Understanding of the ways by which ACH frauds can be prevented

The ways by which business houses can mitigate and prevent ACH fraud will be the learning a valuable webinar from Compliance4All, a leading provider of professional trainings for all the areas of regulatory compliance, will be imparting.

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At this webinar, Rayleen M Pirnie, founder and owner of RP Payments Risk Consulting Services, LLC, who is a nationally recognized payments risk and fraud expert who offers specialized consulting services, procedural and risk management reviews, and payments education, will be the speaker.

To gain important lessons into the ways of preventing ACH frauds; please enroll for this webinar by visiting (ACH) frauds

Explanation of the vulnerabilities and ways of handling them

Rayleen will discuss the many vulnerabilities that organizations that rely on ACH’s face. These could range from individual companies to government organizations and departments to NGO’s. Especially aimed at these kinds of organizations that deal with ACH payments for their daily transactions; this webinar will explain the best practices every organization should implement to detect and mitigate the threat of ACH fraud.

Rayleen will explain all the internal controls and processes and services that organizations of any size should discuss with their financial institution for reducing their exposure and risk. The threat of ACH fraud may be high, but much of the fraud can be averted and the potential losses mitigated if the organization knows what to look for and implement the right controls.

She will explain the various types of internal processes and controls that vary by industry and organization size. She will suggest a wide range of options and recommendations that the participants of this webinar can assess and implement based on their own internal protocols.

A bouquet of benefits from attending the webinar

These are some of the tangible benefits that the participants of this webinar will derive from this session:

  • Understanding the ways by which businesses lose thousands of dollars in seconds easily
  • Identifying sound business practices and easy to implement internal controls that are proven to reduce losses
  • Reviewing a few of the common solutions offered by financial institution to further minimize exposure

This session will be of high value to those who deal with ACH’s and other related professionals, such as AAP, CPA, Risk Managers, those in Management, and Investigators.

Rayleen will cover the following areas at this session:

  • Examples of how criminals use the ACH Network to steal from organizations
  • Restructuring and rearranging a Notebook
  • Sound business practices to minimize exposure
    • Variety of options including the dual benefits of dual control and enhanced internal approval processes
    • Enhanced internal controls
      • How criminals use an organizations technology to commit fraud
      • Securing internal payment instructions and approvals
      • Account reviews
  • Stronger account security options
    • Explore most common options including ACH positive pay, debit filters, debit blocks, credit only accounts, account alerts, etc.

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