Reader Submitted Scam Alert: NACHA ACH Transaction Rejection Email
Not-for-profit financial organization NACHA, which oversees an electronic payment system called the Automated Clearing House (ACH) Network, recently issued an immediate release in response to spam e-mails making their way to inboxes in mass. The ACH Transaction scam is part of a phishing attack.
The release, posted to the official NACHA Web site, reads:
Random individuals and/or companies may have received a falsified e-mail with the subject title "Rejected ACH Transaction." This e-mail appears to be from NACHA – The Electronic Payments Association telling them that there is a problem with an ACH transaction they have originated. The e-mail includes a link which redirects the individual to a fake web page which appears like the NACHA website and contains a link which is almost certainly executable virus with malware.
Sample e-mail:
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The ACH transaction (ID: 502342166577), recently sent from your checking account (by you or any other person), was canceled by the Electronic Payments Association.
Rejected transfer Transaction ID: 502342166577
Reason of rejection See details in the report below
Transaction Report report_502342166577.doc (Microsoft Word Document)
About NACHA
By 1978, it was possible for two financial institutions located anywhere in the United States to exchange ACH payments under a common set of rules and procedures. By 1988, the number of ACH payments exceeded 1 billion annually. By 2001, the volume of ACH payments grew by more than 1 billion in a single year.
More than 18.2 billion ACH payments were made in 2008, an increase of 1.2 billion over 2007. ACH payment volume continues to double every five years. The 2007 Federal Reserve Payments Study revealed ACH payments had the largest compound annual growth rate, 18.6 percent, of all U.S. non-cash payments.
13450 Sunrise Valley Drive, Suite 100
Herndon, VA 20171
2011 NACHA – The Electronic Payments Association
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NACHA urges consumers to ignore these e-mails and not to click the link, which it says is likely associated with a virus.
If you have the email option to mark as junk or spam, do so. As an additional measure to avoid this nasty scam, I have created a “rule” in my email options that takes any email that mentions ACH transaction right to the trash.
If I’m to receive a legitimate ACH funds transfer, it’s been arranged by me through secure measures – not by having me click on a link I receive in my email.
As a rule of thumb – if you receive emails from Paypal, eBay, your bank or other businesses linked directly to your financial profile, it’s always best to go directly TO the website and login. If you have received a real message, you will have access to it inside your account.
Thanks to Dee of What’s That Buzz for submitting this scam alert
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