Did You Know Reg E Doesn’t Protect You Against Fraud?
Let’s first take a look at what Regulation E is:
“Regulation E establishes certain types of protection for consumers that employ electronic transfer systems.”
The keyword you should be focusing on is ‘consumers’. Your business electronic payments are not protected. Should your company become the victim of fraudulent activity within accounts payables, Reg E is not protecting you.
At MineralTree, here is how we provide that extra layer of security you need when it comes to using electronic transfer (ACH) to pay vendors,
- Segregation of Duties – because we have 2 different interfaces for invoice management and payment execution, the person committing the fraud would need to take over 2 accounts.
- 2-Factor Authentication – requiring a login, then an access code sent to the user’s mobile device help protect your account. This is at the login level and at the payment release level.
- ACH is sent via FTP, not your browser – this ensures your bank information is secure and not being transmitted across a browser.
Because we have built a secure system we trust, in the event you do become a victim of fraud, we will cover you up to $100,000 per year.
Learn more about our fraud protection here.← Back to Invoice-to-Blog