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The ACH and wire transfer is the fastest method for moving funds to another business, person, or other recipient or entity. If you need to send funds immediately to a recipient located in the U.S., you can quickly and easily provide the fund recipient's information online, by fax or in a branch. In most domestic wire transfer cases, funds are credited immediately. International wire transfers can take longer depending on the country of the recipient.
Keylogging is the action of tracking (or logging) the keys struck on a keyboard, typically in a covert manner so that the person using the keyboard is unaware that their actions are being monitored. By monitoring your keyboard input, thieves can record your username and password when logging into an online service to perform a high-dollar ACH or wire transfer. Then, when they log into your account, they can quickly send money to a location.
To reduce the risk of keylogging, you must protect your computer with up-to-date virus protection and malware software. Also, using additional security features, such as a token, can help reduce the risk of keylogging.
The thief opens a fake business account at their preferred bank. Then the thief sends out fraudulent e-mails ("phishing") to get an individual to click on a special link to install malware on their computer.
Once the malware is successfully installed, the man-in-the-middle attack (described above) begins and unauthorized ACH or wire transactions begin.