Old security not enough for ACH and wire transfers

The business world continues to evolve at a rapid pace, largely driven by new and advanced technology as well as a younger consumer base. Because of these factors, traditional business methods are becoming increasingly antiquated. This includes everything from payment processing and debt collection practices to security. NetworkWorld reported this month that recent attacks against businesses and the government have illustrated the antiquity of traditional cyber security methods. According to the news provider, firewalls, which were once the prevailing method of keeping incendiary forces away from corporate data, are now easily breached by hackers. Further, the source explained that the nature of attacks today do not shed light on exactly what hackers are looking for, what they are obtaining and how damaging their actions can be. However, when businesses using ACH cards and other wire transfer accounts follow best practices and exhibit due diligence, they can deter such crimes. ACH and wire transfer fraud have been among the favorite targets of hackers in recent years, as many businesses fail to adequately secure their systems and monitor automated payments. By keeping several individuals responsible for checking accounts payable and receivable consistently, businesses can ensure that a simple attack does not turn into a decade-long loss.