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Fraud Is a Growing Threat to Businesses

Businesses are increasingly targeted by criminals because they often handle large transactions and may not have the same security controls as larger corporations. Understanding the most common types of business banking fraud — and the tools available to prevent it — can help you protect your company’s money and reputation.

ACH Fraud

What It Is

ACH (Automated Clearing House) fraud happens when a criminal gains access to your business bank account information and uses it to initiate unauthorized electronic transfers out of your account. They may also create fraudulent ACH Collection Credits — essentially pulling money from your account without your permission.

How It Happens

• Criminals steal account and routing numbers through phishing emails, data breaches, or compromised business systems
• They use this information to set up fraudulent transfers or payments
• The unauthorized transactions may be small at first to avoid detection, then grow larger

How to Protect Your Business

• ACH Positive Pay is a popular fraud detection tool
• Reconcile your accounts daily: Review transactions every business day to catch unauthorized activity quickly
• Report unauthorized transactions immediately: There are strict timelines for reporting ACH fraud — the sooner you report, the better your chances of recovery

Payroll Diversion Scams

What It Is

In a payroll diversion scam, a criminal impersonates one of your employees — usually through email — and asks your payroll or HR department to change their direct deposit information. The next paycheck goes to the criminal’s account instead of the employee’s.

How It Happens

• The criminal sends an email that appears to come from an employee, asking to update their bank account for direct deposit
• The email address may look nearly identical to the real employee’s address
• The request seems routine, so it may not raise suspicion

How to Protect Your Business

• Verify all direct deposit changes by calling the employee directly at a known phone number — do not use contact information from the email
• Require written authorization for any changes to payroll information
• Use multi-step verification for payroll changes — require approval from more than one person
• Educate your payroll and HR staff about this type of scam so they know what to watch for

Vendor Impersonation Scams

What It Is

Criminals impersonate one of your regular vendors or suppliers and send you a fake invoice or a notice that their banking information has changed. When you pay the next invoice, the money goes to the criminal instead of your real vendor.

How It Happens

• The criminal researches your business to learn who your vendors are
• They send an email or letter that looks like it’s from the vendor, with updated payment details
• The fake invoice may reference a real purchase order or contract number to seem legitimate

How to Protect Your Business

• Always verify payment changes by calling the vendor at a number you have on file — not a number from the email or letter
• Establish a process for confirming any changes to vendor payment information before processing payments
• Be suspicious of “urgent” requests to change payment details, especially close to a payment due date
• Cross-check invoices against purchase orders and contracts before approving payment

Internal Controls That Help Prevent Fraud

Strong internal controls are your best defense against business banking fraud. Even small businesses with just a few employees can benefit from these practices:

• Dual approval for payments: Require two authorized people to approve wire transfers, ACH payments, and large checks
• Separation of duties: The person who creates a payment should not be the same person who approves it
• Daily account reconciliation: Check your bank accounts every business day and investigate any transaction you don’t recognize
• Limit account access: Only give employees access to the accounts and systems they need for their specific role
• Regular security training: Make sure all employees who handle finances know how to recognize scams and phishing attempts

Security Tools for Your Business

Take advantage of these features and resources to add layers of protection to your business accounts:

• Recognizing Business Email Compromise – Identify and prevent email scams that target businesses with fraudulent payment requests
• Configuring Account Alerts – Stay informed about account activity in real time to catch suspicious transactions quickly

Contact Us

If you suspect your business has been targeted by fraud, or if you’d like to learn more about the security tools available to protect your business accounts, please contact us immediately.

Business Banking Support: (866) 626-6004

Hours: Monday – Friday, 8:00 AM – 5:00 PM Pacific Time