CFC ACH AutoPay, Deposit Enhance Member Security

The threat of cybercrime to electric cooperatives continues to be high, especially for business email compromise fraud, a type of cybercrime where attackers use email to deceive individuals or organizations into transferring money or sensitive information to fraudulent accounts.

This type of threat typically occurs when a criminal compromises an email account of an employee and provides the potential target with updated, and fraudulent, payment instructions. Since the message comes from an email account of a trusted source, which the criminal has compromised, the victim may have no reason to question its authenticity.

This type of attack can result in significant financial loss or theft of highly confidential information. With cybercrime continuing to be a serious threat, all electric cooperative employees should use caution when handling requests, especially for money or confidential information.

“Always verify a request is legitimate by reaching out to the sender through an alternative, trusted communication channel to verify the request before you comply,” CFC Senior Vice President and Chief Banking Officer Joel Allen said. “For CFC-related transactions, know you can always contact your RVP, AVP or the CFC Member Center by phone to verify emailed requests for payment and transaction instructions.”

CFC recommends members use ACH AutoPay and ACH Deposit to enhance security. ACH AutoPay is a direct transaction between parties, is less susceptible to fraud and is less expensive than sending wire payments or checks through the mail. It also requires less processing time for members to make loan payments once set up. Members also can enroll in ACH Deposit to automatically receive funds from CFC for subordinated debt interest payments, One Card rebates and more via ACH.

“ACH is not only more timely and secure than other payment and deposit methods, it’s also CFC’s preferred method,” Allen said. “You can contact the Member Center for more information and to sign up.”

Enrolling in ACH AutoPay and ACH Deposit is as simple as completing the Bank Information Form and submitting it to the CFC Member Center. Updates to bank account information are processed within 10 business days.

For questions or more information, contact the Member Center at 800-424-2955 or MemberCenter@nrucfc.coop.