ACH Fraud Scam

ACH Fraud Scam

ACH Fraud Scam Warning!

A number of banks in PA, as well as many nationally, have been hit by an internet banking scam. Basically, an outfit breaks into business and personal computers and takes over the internet banking function they have with their local banks. A false incoming ACH is created and then numerous outgoing ACH’s are sent out to “mule” accounts. The money is quickly swept away until the bank discovers that the original incoming ACH credit was fictitious.

The attached slide show explains it in more detail. Banks must be very vigilant over the whole internet banking ACH process.

A special thank you to Ted Peters, President/CEO of Bryn Mawr Trust Co., for bringing this issue to PACB’s attention and producing the slide show.