Safeguarding ACH & Wire Transfer Activities

Automated Clearing House (ACH) payments and wire transfer activity can present potentially lucrative opportunities for fraudsters. We recommend the following basic safeguards to help protect your ACH and wire transfer transactions:

  • Carefully and frequently monitor your electronic account activity.
  • In addition to reconciling accounts daily, utilize ACH blocks and filters designed to protect against unauthorized electronic ACH transactions. Enabled users can authorize specific ACH debits or block certain ACH debits.
  • Utilize a dual control approval approach for your ACH and wire transfer functions (i.e., a different individual in your organization should initiate and approve these transactions) to maintain a higher level of security.
  • Verify all payees and other transaction information for accuracy under a dual control review approach before ACH and/or wire transfer transactions are processed.
  • Identify questionable items, confirm which may be suspicious, and report them to Square 1 immediately (1-866-355-0468). 
  • Designate a computer to be used by properly-authorized individuals when accessing Square 1 online banking to conduct ACH and wire transfer functions. Prohibit all other Internet traffic and email access on the designated computer to reduce the vulnerability of attacks.
  • Limit the number of online banking users that can initiate and/or approve ACH and wire transfer transactions, ensure each online banking user has a unique ID and password to enter the system, and never share access credentials.