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Prevent Payment Fraud

May 2023

Fraud Prevention Tips

Kelley Schwartz
Senior Vice President
Treasury Management


Preventing Outgoing ACH & Wire Fraud

  • Call the requesting party to verify payment instructions. Use a phone number on file versus one provided in a request.
  • Maintain current vendor information for those authorized to change payment instructions.
  • Educate and train employees to recognize, question, and authenticate changes in payment instructions. Requests for secrecy and pressure to take immediate action are often signs of fraud.
  • Do not confirm banking instructions via email.
  • Limit the number of employees authorized to initiate ACH and wire transfers. Establish maximum transfer limits. 
  • Initiate payments using dual controls.

Preventing Check Fraud

  • Conduct a daily reconciliation. Fraudulent checks can be returned through the normal banking system
    within 24 hours.
  • Implement Positive Pay Service on your accounts. If you do not utilize Parkside’s Positive Pay Service,
    please contact our team to learn more.
  • Improve your check safety features by using watermarks and special paper stock.
  • Keep checks secure and segregate internal duties.

Preventing ACH Debit Fraud

  • Conduct a daily reconciliation. Fraudulent ACH transactions can be returned through the normal
    banking system within 24 hours.
  • Implement ACH Blocks and Filters on accounts. Contact the Parkside team to learn more about how Blocks and Filters can help protect your accounts.
  • Limit the number of employees authorized to initiate ACH transactions and establish maximum
    transfer limits.
  • Initiate payments using dual controls.