TITLE

On the Backs Of Mules: An ACH Fraud Scheme

AUTHOR(S)
PRlESS, CRAIG
PUB. DATE
August 2009
SOURCE
Bank Technology News;Aug2009, Vol. 22 Issue 8, p30
SOURCE TYPE
Trade Publication
DOC. TYPE
Opinion
ABSTRACT
In this article, the author discusses a case regarding the Automated Clearing House (ACH) fraud scheme which involves a community bank in the U.S. and offers tips on how banks can avoid it. The author asserts that a customer of the bank realized a 35,000 U.S. dollars loss due to the fraud and sought to prosecute mules or regional clerks who distributed reimbursements via wire transfer. He advises banks to strengthen online account security measures and beware of retail accounts created online.
ACCESSION #
43776153

 

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