Payments Fraud

ACH Fraud

Payments Fraud

While the incidence of ACH Fraud is lower than other payment channels, businesses cite the lack of use of preventative services such as ACH Debit Block and Filters as the primary reason for ACH Fraud loss. Securing your accounts from unauthorized ACH transactions can help protect your business from fraud.

ACH Debit Block: All ACH debit transactions received for your business accounts are automatically returned to the Originating Bank preventing the debits from posting to your accounts. You may elect to add ACH Debit Filter to this service to permit pre-authorized debits to filter through the block and post to your account.

ACH Debit Filter: Pre-authorized ACH debit transactions filter through the established ACH Debit Block, allowing them to post to your business accounts based on the criteria you set for the filter. The filter systemically compares incoming ACH debit transactions to the pre-authorized Originating Company ID and other established criteria such as maximum dollar amount. The received ACH debit transactions that do not match established filter criteria are returned to the Originating Bank.

ACH Positive Pay: Citi's ACH Positive Pay works in conjunction with your ACH Debit Blocks & Filters, offering an opportunity to review and make a decision to pay or return ACH debit transactions for which no qualifying filter is established.

Dual Approval for Origination: Permitting a single employee to initiate and release ACH transactions creates potential risk to your business. When initiating ACH via CitiBusiness® Online, it is advisable to require approval of a second employee to release the ACH transactions to help identify anomalies, prevent errors, and reduce fraud risk.Why Dual Approval Matters

Universal Payment Identification Code: UPICs® are secure bank account identifiers that allow companies to receive electronic credit payments without divulging sensitive banking information. UPICs mask Citibank account information to keep it private while the UPIC can be openly shared to promote the receipt of electronic payments while also blocking all ACH debit transactions.

Checking Fraud

Payments Fraud

Checks continue to be the most targeted payment type for fraudsters in the United States. You are in the best position to identify the validity of check items presented for payment on your account. Help protect your check payments by enrolling in the Positive Pay solution that best suits your business activity:

ARP Positive Pay: Citi's Positive Pay solution includes Teller Positive Pay. Checks presented for payment are compared to your check issuance details, including dollar amount, check number, and check date. Unmatched exceptions are presented on CitiBusiness Online for your review and decision on whether to pay or return.

Payee Name Authentication: Including payee name comparison with your Positive Pay solution adds another layer of defense in your protection against check fraud. Checks presented for payment are compared to your check issuance details, including payee name. Unmatched exceptions are provided to you on CitiBusiness Online to review and provide decision on whether to pay or return.

Reverse Positive Pay: Designed for low-volume check issuance, all checks presented for payment are provided for your review and decision on whether to pay or return.

Commercial Credit Card Fraud

Payments Fraud

Detecting and mitigating fraud while providing an easy-to-use and customizable service requires balance. Citi continually strives to minimize the inconvenience and disruption in service that routinely follow when fraud does occur. Combined with best practices, such as spend controls and highly effective merchant restrictions, Citi Commercial Cards provides a powerful, flexible, and secure cash management tool with which to conduct payments and manage expenses:

Chip & PIN: Citi Commercial Cards are issued with chip & PIN technology, which significantly reduces the chance of counterfeit fraud.

3D Secure: 3D Secure shares data between participating merchants and card issuers to help improve fraud detection and protect online purchases. 3D Secure utilizes analytical models to evaluate fraud and challenge suspicious transactions, providing an additional layer of security.

Fraud Early Warning (FEW) Alerts: Citi Commercial Cards continues to innovate by implementing advanced technology that contacts cardholders immediately via text message, e-mail, and voice. Citi's early warning alerts give your organization and employees the ability to authenticate transactions in real-time, reducing fraud and minimizing business disruptions.

Program Controls: Citi Commercial Cards offers robust spend controls, comprehensive merchant restrictions, and proactive cardholder alerts to provide visibility and control to customize card use for your organization’s needs on an employee by employee basis. Combined with Citi’s online management and reporting system, your organization has the tools needed to manage and optimize your commercial card program and mitigate fraud risk.

Wire Transfers

Payments Fraud

Wire Transfer payments are the second most targeted payment type for fraudsters in the United States with digital payments attacks continuing to increase. You can reduce your business's exposure by utilizing the entitlements and features that have been designed to combat fraud within CitiBusiness® Online:

Account Entitlements: The most effective way of reducing your exposure to fraud is by limiting the number of people who can transact on your accounts. CitiBusiness Online allows you to specify the individual accounts on which each user is able to perform transactions.

Dual Approval: Allowing a single employee to wire money out of your account creates unnecessary risk. CitiBusiness® Online allows you to mandate a second person to check each transaction, which helps identify anomalies and prevent errors.Why Dual Approval Matters

Secure Wires: The riskiest part of any wire transfer process is adding new beneficiaries to your database. CitiBusiness® Online allows you to reduce this risk by restricting general users' entitlements to updating the date, amount, and special instructions of a wire transfer. Other wire details such as the beneficiary, source account, and payment routing instructions, are restricted entitlements and prevented from being changed.

User Limits & Entitlements: CitiBusiness® Online also allows you to establish appropriate entitlements for each user, which can be defined by their role and includes customizable authorization levels. Put simply, the authorization feature allows you to define the maximum dollar value a user can send per wire transaction and per day. It’s recommended that you review your users’ dollar limits and entitlements regularly so that you can remove system access that is no longer needed.