Bank Liability Under UCC Article 4A for ACH Corporate Payments Fraud, with Tips on Minimizing Liability
Cyberattacks, business email compromise, account takeover, social engineering, dishonest employees, and vendor impersonation are common ACH fraud threats to businesses.
When an incident occurs, reimbursement claims are sometimes made against the bank that sent the ACH credit entry into the ACH Network. In contrast to liability allocation rules under the federal Electronic Fund Transfer Act and Regulation E for consumer payments, bank liability with respect to corporate payments typically turns on Article 4A of the Uniform Commercial Code and the terms of the bank's payment processing agreements.
Our guest speakers will cover the scope and structure of Article 4A, the liability allocation rules for corporate payments fraud under this law and steps a bank can take through payment processing contracts to minimize the risk of liability.
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