ACBB Message Center

Bankers Association
Highlights

Fraud Alert, Coronavirus (COVID 19) Update - March 13, 2020

As is often the case with other crisis scenarios, natural disasters or even local disruptions, it doesn’t take long for fraudsters to take advantage of the situation.

Businesses, banks and government organizations are scrambling to accommodate many challenges; business disruption, remote work arrangements, supply-chain adjustments, etc. These factors, while keeping critical personnel on their toes, also trigger some exposure and/or vulnerability to those who would take advantage of the unprecedented circumstances.

ACBB has already seen incidents of fraud/attempted fraud across the domestic and international wire transfer platforms. The most common fraud attempts have been alteration of or requests to alter certain beneficiary information (e.g. a change in the beneficiary of a routine/recurring transactions ‘due to the normal recipient is ill or is in quarantine/isolation’). Business transactions also pose similar risks whereby the normal party to the transaction is ‘closed’ or unable to accommodate a supply order.

As with other crisis situations, ACBB advises clients to remain vigilant, particularly when a would-be perpetrator implies a sense of urgency, or an otherwise ‘emotional’ appeal. These are often indicators of malicious intent.

Please take the time to review the Wire Transfer Red Flags document located on the homepage of ACBBXNET. Also, on the homepage (in the download section on the right of the screen) we have posted recent alerts from various regulators and other law enforcement authorities.

ACBB will continue to monitor transactions for fraudulent activity and track patterns as they emerge. We will provide additional information as the situation evolves. Should you have any questions related to suspicious transactions please contact the International Operations Team at This email address is being protected from spambots. You need JavaScript enabled to view it. or by calling 877-957-8277.

 

ACBBXNET Remote Access Reminder - March 16, 2020

ACBB is reviewing pandemic plans and making decisions to help prevent the spread of the coronavirus while continuing to provide uninterrupted services to our client. We recognize that clients are making similar adaptations to their operations as well. To help facilitate your planning efforts we are providing guidelines to remotely access the ACBBXNET platform.

ACBBXNET Remote Access

- ACBBXNET is a cloud based system and can be accessed from any computer at any location
- Multi factor authentication
        o Fingerprint access
              ▪ Software must be installed
              ▪ Users must have device with them
              ▪ Not restricted by IP address
              ▪ Software installation instructions can be found in the download section
                 on ACBBXNET (Fingerprint Device Software Guide LT Client v3.0)
         o One Time Password
              ▪ LSA must request from This email address is being protected from spambots. You need JavaScript enabled to view it. the OTP be sent to user
                via text or email
              ▪ Text users are required to provide phone number plus carrier information
              ▪ Once issued the user will enter the passcode to access ACBBXNET
              ▪ Each time the user logs in to the system a new one-time passcode will
                 be generated.
- To modify user access times and user privileges contact This email address is being protected from spambots. You need JavaScript enabled to view it.

Best practices recommend testing user remote access prior to implementing.

 

Fed Funds Rate Decrease – March 16, 2020

As a result of the Federal Open Market Committee’s decision on March 15, 2020 to lower the Fed Funds target rate by 1.00% to a range of 0.00% - 0.25%. ACBB will decrease the interest rate it pays on Excess Balance Accounts (EBA) and its monthly Earnings Credit Rate (ECR) for Shareholders and Non-Shareholders.

The rates will adjust as follows:

Effective March 16, 2020, the EBA rate will be set at 0.0688%.

For the month of March 2020, the ECR for Shareholders will be 0.75% and 0.50% for Non-Shareholders. This is an average rate for the month. Effective April 1st , the ECR for Shareholders will be 0.25% and 0.10% for Non-Shareholders. The rates for Fed Funds as Agent and Fed Funds will continue to reflect the market.

We appreciate your business and look forward to continuing to serve your correspondent banking needs.

 

Federal Government Response: