Nationwide Fraudulent Scam

Paymaxx Processing Solution’s support team received notice from our ACH Sponsor Bank of a nationwide fraud scheme which could impact businesses that process ACH transactions.

Our Sponsor Bank has started to receive items with the Federal Reserve routing numbers (listed below) which are all fraudulent. It is also suspected that additional Federal Reserve routing numbers may be used by your customers in the future.  This increase of fraudulent transactions seems to be connected to YouTube videos and other online instructions telling consumers to use the Federal Reserve’s routing numbers to pay off bills. The fraudsters claim that there are secret accounts that can be used by US citizens with social security numbers acting as the account number. Below is one link to the YouTube hoax and a link to a news release from the Federal Reserve Bank of Atlanta advising of the scam.  If you receive an ACH return coded as R34 (Limited Participation) there is a possibility it is related to this scam. Please also advise your customers that this is a hoax and that they should not be using these credentials to make payments to you. Please feel free to contact our office with any questions.

See the Video Here

The Federal Reserve Bank of Atlanta has responded with the following post on July 12, 2017 which indicates that they have also experienced an up-tick in fraudulent charges.

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