How common is ACH fraud on checking accounts?

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Temporal Adventurer
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Joined: Sun Jun 09, 2019 12:28 pm

Re: How common is ACH fraud on checking accounts?

Post by Temporal Adventurer » Thu Nov 07, 2019 9:04 am

I had a fraudulent or mistaken ACH debit of $35,000 from my checking account. I suspect that it was fraud because I was already dealing with identity theft. The fraudster was considerate enough to leave a balance of several thousand dollars, presumably so my checks and ACH payments wouldn't bounce, thereby allowing time to make a clean getaway. I noticed the debit 6 days later, reported it to the financial institution, signed an affidavit, closed the account, opened a new account, filed a police report, and received credit for the missing funds. Now I have my accounts set up so I receive notification for all transactions.

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JoMoney
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Re: How common is ACH fraud on checking accounts?

Post by JoMoney » Thu Nov 07, 2019 9:08 am

Never had any experiences with fraudulent or mistaken ACH transfers, but have had, and heard lots of anecdotal stories, about fraud from stolen credit card numbers and some unfortunate stories of the problems caused when those "credit" card numbers are "debit cards" tied to someones checking account.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

rage_phish
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Joined: Thu Jan 31, 2019 4:27 pm

Re: How common is ACH fraud on checking accounts?

Post by rage_phish » Fri Nov 08, 2019 10:34 am

We just ordered new checks and I think they were stollen and now being used :(

mptfan
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Re: How common is ACH fraud on checking accounts?

Post by mptfan » Fri Nov 08, 2019 10:44 am

Fidelity has an account option called Money Transfer Lockdown which allows you to place some or all of your accounts in lockdown mode so that electronic transfers out of your account are blocked by anyone, including you, unless you log in and turn off the lockdown feature for that account. If you have 2 factor authentication set up this is a very secure and very effective way to prevent outbound ACH fraud.

I think Fidelity should be commended for having such an effective way to prevent unauthorized transfers out of your accounts, I am surpised that other banks or brokerages do not offer a similar feature. Does anyone know if Schwab has a similar feature?

JimD7
Posts: 37
Joined: Tue Jul 14, 2015 10:12 pm

Re: How common is ACH fraud on checking accounts?

Post by JimD7 » Fri Nov 08, 2019 8:15 pm

Many many accounts for many decades.

Never a bad ach . Rare to even have a bad CC charge for me. Happened once , on a brand new card, which was strange.

I'd say it was not something to be concerned about, just check your balances at least once a month to reconcile.

JimD7
Posts: 37
Joined: Tue Jul 14, 2015 10:12 pm

Re: How common is ACH fraud on checking accounts?

Post by JimD7 » Fri Nov 08, 2019 8:17 pm

mptfan wrote:
Fri Nov 08, 2019 10:44 am
Fidelity has an account option called Money Transfer Lockdown which allows you to place some or all of your accounts in lockdown mode ...
Not a bad idea. Sort of a two factor ACH.

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