In 2021, the amount of fraud has increased 80% from this same time last year and there’s no sign of it slowing down as criminals become more sophisticated. The most common type of fraud is due to an account change via email that wasn’t validated. It takes all of us to prevent fraud from happening.

Your company is the first line of defense against fraud. I want to stress the importance of verifying ALL payroll change requests. Please take a minute to verify the information over the phone with your client – this small step could prevent large losses for you and/or your client. Communicating your procedures for payroll change requests ahead of time with your customers will help alleviate confusion and streamline the process.

Be sure to check out the Red Flag Training video below which contains some good reminders.

Thank you for your continued trust in Kotapay.

Leanne Jung
ACH Risk & Compliance Manager

Fraud Corner: Email Red Flag Training

Learn how to help protect your business from potential fraud by knowing when to be extra cautious. Business Email Compromise (BEC) is a growing trend to be on the lookout for. Watch this video to learn how to spot red flags. Share with your entire staff so everyone knows what to watch for.

Upcoming Holiday Hours and Non-Processing Days

Mark your calendar for the upcoming non-processing holidays and holiday hours. ACH transactions cannot be dated for the following dates so please plan ahead to allow an extra day for processing.

*Reminder* As we enter into the holiday bonus season, please be sure to review our high dollar limits.

Are you seeing the “Can’t Validate” error message when uploading files?

The “Can’t Validate” message means that the routing and account number within the batch does not match the banking information within our system. It’s important to keep this information updated by submitting a Customer Information Revision Form. This online form is available under Documentation > Agreements

EIN Verification

We are no longer requiring EIN verification when adding new clients. However, as a part of your due diligence process, you should still be verifying the EIN number when boarding a new client.

Add a Pay-Now Button to Your Website Kotapay will design and build a custom payment portal to allow you to accept credit card or ACH payments via your website. Get started!

October is Cybersecurity Awareness Month Cybersecurity awareness month encourages individuals and organizations to raise their awareness about the importance of cybersecurity. Their goal is to ensure every American has the resources they need to stay safe online. For resources and to learn more visit the Cybersecurity & Infrastructure Security Agency’s website.