The growing popularity of Automated Clearing House (ACH) payments has created a slew of opportunities for fraudsters — and many are taking full advantage.
A recent survey from the Association for Financial Professionals found that one in five companies have been victimized by ACH fraud this year.
The survey also polled the participants about what makes companies more susceptible to this type of fraud. The top answer? Not using ACH debit blocks or filters — 55% of firms said they were “sitting ducks” because they didn’t use it.
The chart below gives a complete breakdown of the reasons companies cited.
If you A/P department is using ACH without ACH debit blocks or filters, it may be worthwhile to bring these findings to the attention of execs to show how necessary these safeguards are.
