ACH Fraud growing rapidlyIn recent years, the ACH network has expanded into operating as an effective replacement for checks. While this change has made financial transactions easier for all parties, it has also opened new avenues for criminals to commit fraud. The use of ACH fraud schemes has grown rapidly, fueled in part by the need (and opportunity) to cash out credentials stolen in phishing schemes.
ACH payroll fraud is one scheme that is commonly used to empty corporate and organizational bank accounts. When criminals get access to a corporate account, especially one that already uses ACH to fund payroll, they will create new "employee" destination accounts that then are "paid" the bulk of the funds in the account.
Please look at this BankInfoSecurity article for a more in-depth review of this topic.
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