Help prevent your organization from becoming a victim of payment fraud
In the past, organizations could help protect themselves from payment fraud by using traditional accounting controls. However, in today’s business environment, a routine activity like opening an e-mail or visiting a website can leave your organization vulnerable to payment fraud. The danger of this type of fraud is that it’s subtle – and fast.
Fraudulent wire and ACH transfers can occur within days or even hours from the exposure. You may not even realize your organization’s account information has been compromised until it’s too late. For many organizations, recovery of any lost funds is often a long and cumbersome process that doesn’t guarantee reimbursement.
It is important that your organization perform periodic reviews of your risks and controls with respect to payment fraud.
Learn more about fraud protection best practices
Payment Fraud Webinar
Payment Fraud Checklist
Fraud Reduction and Risk Management
Best Practices to Help Mitigate Commercial Card Fraud
Commercial Accounts and Regulation E
Please be aware that commercial accounts are not covered by Federal Reserve Board Regulation E (“Regulation E”) and its associated consumer rights, liabilities and responsibilities. Regulation E applies to individual consumer accounts and provides a basic framework that establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer (as defined in Regulation E) systems, such as automated teller machine transfers, telephone bill-payment services, point-of-sale (POS) terminal transfers in stores, and preauthorized transfers from or to a consumer's account (such as direct deposit and social security payments).