With $43 trillion moving across the network each year, ACH payments are a powerful option for businesses looking to move money in a cost-effective way. Dwolla’s Jenn Redlich offers advice on recognizing and mitigating fraud risk in this area.
In today’s world, efficiency is everything. Companies are tired of lengthy processes, pricey fees and outdated methods for payment transfers. Businesses want to move money quickly, cheaply and, maybe most important, securely.
Because of this, more companies are turning to ACH payments. These electronic, bank-to-bank transactions are a practical option for businesses interested in moving money without the large price tag typically associated with credit cards.
Although the threat of fraud for these programmable payments is low, there are always risks associated with moving money. To help protect your transactions, here is a foundation of knowledge to support a better understanding of the risks associated with leveraging the ACH payment network.
Knowing the Different Types of Fraud
Fraud comes in a multitude of forms, and it’s important to be aware of the different types. Payment fraud and identification fraud are the two most common types. Payment fraud is a false or illegal transaction, while identification fraud focuses on the misuse or theft of an ID.
However,…
