Boston, July 17, 2014 – As online account takeover schemes grow, fraudsters increasingly commit both ACH and wire fraud. Business accounts in the United States are not afforded the same protection as consumer accounts in other countries, and regulators are pressuring U.S. financial institutions to install systems that help detect and prevent ACH and wire fraud. While large institutions can afford to do so, how can their smaller brethren justify the cost?
Based on late 2013 surveys of and interviews with financial institution executives, this research examines the effect ACH and wire ATOs have on small and midsize FIs and how they are mitigating risk.
This 18-page Impact Note contains nine figures and four tables. Clients of Aite Group's Fraud & AML service can download this report.