Tips to Prevent Losses Due to Electronic Transfer Fraud

In light of the recent news regarding businesses and municipalities losing money due to electronic transfers, here are some best practices for you to review with your company.

According to the FBI, in 2020, businesses reported losses exceeding $4.1 billion which is a 69% increase from the reported incidents in 2019. These are just the reported incidents; the actual losses are likely much higher.

These incidents involved electronic transfers that are usually a wire transfer or an ACH transfer initiated by a company to another party. These transactions are processed the same day and are perfect options for criminals. Once the funds leave your account, they cannot be stopped.

To help your company avoid these losses, please see our full-length Learning Center article:

Tips to Prevent Losses to Your Company Due to Electronic Transfer Fraud

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