We have started seeing potentially fraudulent transactions designed to get around the fraud protection services many clients depend on.

These transactions originate from the Intuit ACH Company ID that’s used to debit transactions for companies using Intuit software. That means thieves are trying to circumvent fraud protection services like ACH Block and ACH Block and Filter. By using a Company ID you know and trust, they’re trying to sneak their fraudulent transactions into the list of trusted transactions normally allowed through.

What we’re doing to protect you.

• To combat this, we’ve temporarily changed the rule clients have in place to allow Intuit transactions to go through.
  • For now, every transaction using an Intuit ID will be reported as an exception, meaning clients will have the opportunity to review them before they’re paid to ensure they’re legitimate. 
• We’re also working with the bank where these transactions originated to get to the bottom of the issue and attempt to recover any funds that went through before this was caught.

What you can do to protect yourself.

• Use ACH Block and Filter or ACH Block to prevent unwanted transactions.
• Carefully review all ACH exceptions and immediately report any questionable transactions to your local treasury team.
• Carefully review the maximum limits on ACH rules and set mindful limits when creating allow rules. Don’t automatically allow transactions that are higher than what you can afford to lose to a thief.

Fraud protection services like Positive Pay, ACH Block and Filter, Check Block and others are terrific tools to protect your company from thieves. They are not a replacement for human vigilance, though. Thieves keep getting more sophisticated, and we must never let our guard down, even with built-in protection for our transaction accounts.

It is critically important to carefully review transactions before they are entered and if they come back as exceptions. If you ever have concerns about any transaction, immediately call your local treasury team. They can help you determine its legitimacy and take quick action if it might be fraud.

Working together, we can keep you and your business safe. Read these advisory articles for more information.

• Protect Yourself from Fraud by Verifying Payment Requests
• How to Protect Your Business from Check and Payments Fraud
• What to Expect When Fraud Strikes Your Business