Business Payments Fraud

The payments fraud landscape is changing at a rapid pace and while check fraud encompasses the vast majority of these fraudulent dollars, electronic fraud (ACH and wire) is becoming one of the fastest growing types of fraud. As your financial institution, Fifth Third Bank is committed to helping you stay up-to-date on emerging trends in payment fraud and providing you with the tools you need to help protect your organization from these threats.

Types of Payment Fraud:

Check Fraud occurs most often through counterfeit checks, altered checks and forged signatures.

• Check Fraud Brochure

Internet Fraud can take several forms and is intended to intercept, view or redirect confidential information about the client and the client’s financial information in order to compromise accounts and commit fraud.

• Wire Fraud - occurs when someone other than an authorized individual performs a wire transfer to an account that is not intended as the recipient.
• Automated Clearing House (ACH) Debit Fraud – occurs when a transaction is initiated or altered in an attempt to misdirect or misappropriate funds.

Additional Resources:

• Payment Fraud for Consumers
• Best Practices: Business Customer Checklist
• Risk Management: Payment Fraud Solutions