Wells Fargo has announce a new anti-fraud initiative to protect its customers from fraudulent checks and ACH transactions.
“Not all bandits walk into banks and demand money. Behind-the-scenes
thieves are also a threat,” said Steve Ellis, head of Wells Fargo’s Wholesale
Services. “There are organized gangs of criminals printing counterfeit
checks, altering payees’ names on checks, and sending unauthorized electronic
debits (withdrawals) to accounts. We’re as committed to stopping them as
Wells Fargo was to stopping stagecoach robbers in our company’s early days.
First and foremost, we want to protect our customers’ assets.”