Modern day bank robbery: ACH transfer fraud rising, warns banks.

Data from a new report by the American Bankers Association (ABA) has revealed that ACH transfer fraud is on the rise, prompting concerns that it is becoming a “modern day bank robbery.” ACH, or Automatic Clearinghouse, transfer fraud occurs when criminals gain access to a bank account number and routing number, allowing them to make unauthorized money transfers. Under national ACH rules, individuals have 60 days to report fraud, while businesses only have 24 hours. The ABA recommends that small businesses check their accounts daily to detect any fraudulent activity.