PYMNTS

APRIL 9, 2019

A new type of phishing scam targets the HR departments of companies and asks for reroutes on direct deposit accounts, CNBC reported. Once the changes are made, a paycheck will go directly into a criminal’s account. KVC Health Systems, a child welfare nonprofit based out of Kansas City, has been hit with the scam.

Direct Deposit 83

Direct Deposit Scams Wires Wire 83

Stax

APRIL 23, 2024

TL;DR Nearly 93% of Americans receive payments through direct deposit; Automated Clearing House makes it simpler for employers to manage funds without handing out physical checks or dealing with pesky extra fees. Many small businesses choose ACH operators because they are more convenient than most direct deposits.

ACH 88

ACH Direct Deposit ACH Network Wire Transfer 88

PYMNTS

JANUARY 18, 2019

“Unlike traditional [business email compromise (BEC)] attacks, which are starting to raise red flags with financial institutions, payroll diversion attacks eliminate the interaction with banks because it is a direct deposit instead of a wire transfer,” said Crane Hassold, senior director of threat research at the firm.

Business Email Compromise 69

Business Email Compromise Scams Audit Payroll 69

PYMNTS

APRIL 15, 2019

HR departments need be on the alert for a new type of phishing scam that asks for reroutes on direct deposit accounts, CNBC reported. To move employee paychecks directly into a criminal’s account. Most companies “have put processes in place to validate big wire transfers, so now [criminals] want to stay under the radar.

Money Laundering 51

Money Laundering Wires Wire Identity Theft 51

Nanonets

MARCH 27, 2024

QuickBooks Money, is a wide-ranging banking solution that includes interest-bearing deposit accounts, payments, and invoicing – essentially a one-stop shop tailored toward B2B transactions.   Wire transfers tend to be used for large transactions and support currency exchange, but also typically have high fees.

International Payments 52

International Payments Wire Transfer Cross-Border Wires 52