Facing Fraud Today

When a criminal gets a hold of personal or log in information, he can sign up for credit cards in your name, transfer or steal your money—all while posing as you. Online, this type of fraud happens thru phishing attacks, malware installed on your computer and phony websites that seem legitimate, but actually steal your log in credentials.

 

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Accounts Receivable Fraud

Scheme

Your employees are the lifeblood of your business, but they also have the power to deteriorate it for their own gain. Accounts receivable fraud is purely internal, where employees steal funds, in both online and offline settings, and then alter records via fake discounting/write-offs, faulty balancing, and fraudulent debiting. One of the more common accounts receivable fraud methods is called lapping, where employees continuously steal customer payments to cover previous customer payment thefts.

Impact

According to recent estimates, 80% of the fraud cases are asset misappropriations, including accounts receivable fraud. (Source: Report to the Nation on Occupational Fraud and Abuse. Association of Certified Fraud Examiners (ACFE), 2002.)

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

ACH Payments Fraud

Scheme

Your business can be targeted for ACH Payments fraud by employees or outside criminals. No matter who's doing the defrauding, it's one of the easiest methods of fraud to commit. ACH Payments fraud only requires a checking account number and a bank routing number, which are frequently collected from victims with the help of Trojans and other malicious software.

Impact

In 2014, 22% of organizations were affected by ACH debits fraud while 9% experienced ACH credits fraud.(Source: 2014 AFP Payments Fraud Survey)

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Wire Fraud

Scheme

Both outsiders and insiders can steal from an organization by committing wire fraud. Employees do it by creating fake vendor accounts with which to pay themselves. Other wire fraud criminals pose as vendors you already work with and request that you send payments. These requests usually come via email or phone call.

Impact

In 2013, 14 percent of organizations were affected by wire transfer fraud. (Source: 2014 AFP Payments Fraud Survey)

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Credit Card Fraud

Scheme

Criminals have advanced methods for stealing credit card data virtually. Once they have the information, they proceed to spend your money through either withdrawals or purchases. Credit card theft is one of the most prevalent methods of fraud and can usually be attributed to fake websites where you attempt to make a transaction or phishing.

Impact

65% of organizations discovered they’d had credit card data stolen and then used to make fraudulent transactions in 2013. (Source: RSA-2013 Fifth Annual Online Fraud Benchmark Report) 

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Check Fraud

Scheme

As technology progresses, fraudsters enjoy easier access to equipment for reproducing fake checks. Such "bad checks" often accompany lottery scams, check overpayment scams, internet auction scams and secret shoppers scams.

Check washing involved erasing details from a check. Once cleared of its details, criminals can use a check to make fraudulent withdrawals and other types of theft. These checks are most frequently stolen out of mailboxes when someone sends a bill payment.

Impact

In 2013, 82% of organizations experienced actual or attempted check fraud. (Source: 2014 AFP Payments Fraud and Control Survey) 

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Online Account Takeover/Enrollment

Scheme

When a criminal gets a hold of personal or log in information, he can sign up for credit cards in your name, transfer or steal your money—all while posing as you. Online, this type of fraud happens thru phishing attacks, malware installed on your computer and phony websites that seem legitimate, but actually steal your log in credentials.

Impact

Of the businesses that detected a fraud attempt in 2012, 71% reported that the scheme was online account takeover with fraudulent money transfer. (Source: RSA-2013 Fifth Annual Online Fraud Benchmark Report) 

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.