Electronic payment processes, such as Automated Clearing House (ACH) transactions and wire transactions, inherently offer more fraud control and are less vulnerable to fraud as compared to paper-based transactions. However, fraud is perpetuated in all forms, so it is important to actively manage fraud risk associated with electronic processes.
Best practices for electronic processes
- Review your banking activity on a daily basis and reconcile accounts timely. Use
an online banking service, such as Regions iTreasury to securely and
conveniently access your account information and initiate electronic transactions.
- Segregate accounts by purpose, type and/or payment vehicle.
- Segregate duties for transaction initiation and reconcilement.
- Establish dual control for transaction initiation. Dual control consists of the
segregation of duties and is a primary internal control which prevents or
decreases the risk of errors, or irregularities, and identifies problems. Dual control
is achieved when an individual does not have control over all phases of a
transaction.
- To prevent unauthorized ACH transactions, utilize ACH Alert.
Regions ACH Alert
Regions ACH Alert is a web-based service that facilitates the detection of Automated Clearing House (ACH) fraud. ACH Alert will monitor your account and compare its activity to a list of ACH debits you have pre-authorized. If any unrecognized ACH debits arrive, ACH Alert will send you an email, enabling you to detect and return any unauthorized or fraudulent transactions.
Fraud Prevention Resources
Learn more about the best practices and other helpful tools to help protect your business from fraudulent practices.
Reporting Fraud
If you believe you are a victim of fraud or have been the recipient of a suspicious communication, call Regions Commercial Client Services immediately at 1-800-787-3905.