Protect Your Business from Wire & ACH Fraud

Online banking has made sending wire transfers and ACH payments faster and more convenient than ever. But with that convenience comes increased risk. Fraudsters are constantly evolving their tactics, making it critical for businesses to stay informed and proactive.

Understanding how payment fraud works, and how to stop it, can help protect your business, your employees, and your bottom line.

Common Types of Payment Fraud
Fraud schemes are often designed to look legitimate. Here are some of the most common tactics businesses face:

Business Email Compromise (BEC)
Fraudsters gain access to—or impersonate—a legitimate business email account. They send urgent payment requests that appear to come from executives, vendors, or trusted partners, often pressuring quick action.

Vendor Payment Redirection
Scammers pose as a vendor and request a change to payment instructions. If processed, future payments are redirected into fraudulent accounts.

Invoice Fraud
Fake or altered invoices are sent to accounts payable teams with instructions to remit payment via wire or ACH to a fraudulent account.

Account Takeover
Cybercriminals obtain online banking credentials—often through phishing emails, fake websites, or text scams—and initiate unauthorized transactions.

Warning Signs to Watch For
Fraud attempts often share common red flags. Be cautious if you notice:

• Urgent or unexpected payment requests
• Requests to change vendor payment information
• Slight spelling changes in email addresses
• Pressure to bypass normal approval procedures
• Unusual requests from executives or known vendors

Best practice: Always verify payment changes by calling a trusted phone number, not the one provided in the request.

Best Practices to Protect Your Business

Taking a proactive approach can significantly reduce your risk.

1. Verify Payment Requests

• Confirm all payment changes using a known, trusted phone number
• Implement a callback verification process for wire and ACH requests

2. Use Dual Controls

• Require at least two authorized employees to approve transactions
• Separate responsibilities between initiation and approval

3. Secure Your Systems

• Use strong, unique passwords
• Enable multi-factor authentication (MFA)
• Keep systems, browsers, and antivirus software up to date
• Avoid accessing online banking on public or shared devices

4. Train Your Employees

• Educate staff on phishing and common fraud tactics
• Encourage employees to question unusual or urgent requests

5. Monitor Activity Regularly

• Review online banking transactions daily
• Set up alerts for account activity and payment changes

What To Do If You Suspect Fraud

If you believe your account has been compromised or a fraudulent payment was sent, act immediately:

1. Contact your bank right away
2. Secure your online banking credentials
3. Notify internal leadership and IT teams

⏱️ Time matters: Prompt reporting can greatly increase the chances of recovering funds.

We’re Here to Help

Protecting your business is a shared responsibility. From fraud prevention tools to secure payment controls, your bank can help you put safeguards in place.

If you have questions about protecting your accounts, contact your treasury management representative or visit your local branch.

Stay vigilant. Verify requests. Protect your business.