Get prepared for the upcoming Nacha Rules Changes and Business Email Compromise
Fraud prevention has never been more critical, and Nacha’s upcoming amendments to its risk management rules highlight the importance of proactive measures.
Business email compromise (BEC) is one of the fastest-growing cyber threats, targeting organizations of all sizes. This sophisticated type of fraud involves cybercriminals gaining access to or impersonating legitimate business email accounts to manipulate employees, customers, or vendors into transferring funds or sensitive information.
BEC attacks typically rely on social engineering methods. Scammers study an organization’s communication patterns and impersonate trusted individuals, such as executives, vendors, or partners, to send fraudulent requests.
Common fraud tactics
- Invoice fraud: Impersonating a vendor to request payment to a fraudulent account.
- CEO fraud: Pretending to be a company executive and requesting urgent wire transfers.
- Payroll diversion: Tricking HR or payroll staff into redirecting direct deposit payments to a scammer’s account.
These attacks are often carefully crafted to appear legitimate, making them difficult to detect without proper safeguards in place.
Steps to protect your business
Preventing BEC begins with awareness and proactive measures. Here are four key steps to safeguard your organization:
- Train staff to recognize phishing emails, suspicious requests, and urgent demands for financial transactions.
- Implement strict protocols for verifying payment requests, especially those involving changes to account details or large sums of money.
- Utilize email filtering and monitoring tools to identify unusual activity or messages.
- Encourage employees to report suspicious emails or transactions immediately, and have a clear incident response plan.
Take action today
By prioritizing fraud prevention, ACH Network participants can protect their customers, reduce unauthorized transactions, and contribute to a more secure payments ecosystem.
