KEN KIRSCHENBAUM, ESQ ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE You can read all of our articles on our website. Having trouble getting our emails? Change your spam controls and whitelist ken@kirschenbaumesq.com ****************************** comment on Fraudulent wire and other banking transactions and who bears the loss April 20, 2026 ************************* comment on Fraudulent wire and other banking transactions and who bears the loss from article on April 11, 2026 ************************* Ken, Great points about preventing check and wire fraud. Here are a couple of additional tips to help thwart off bad actors: Any time you send a paper check you risk fraud. The best prevention is paying bills using ACH. Your trusted vendors should have a secure website that allows you to enter your account information and make instant payments. No fraud risk, no postage cost and time saved printing or writing checks. Almost all banks have a service called Positive Pay. Every time you write a check, you send the bank a batch file that consists of the check number, payee’s name and the dollar amount. The bank cross references this list before paying any check drawn on the account. Any mismatches are rejected or referred to the account holder for approval. An easier option for those with less sophisticated accounting software is Reverse Positive Pay. This service sends a daily email early in the morning with a list of checks that will be paid that afternoon unless the account holder logs in and rejects them. While not as secure as Positive Pay, Reverse Positive Pay is better than nothing. Maintain several bank accounts. In addition to your operating account and payroll account, have dedicated inbound and an outbound wire/ACH account. Have your bank block wires and ACH on your operating and payroll accounts. Leave a zero dollar balance in your outbound wire/ACH account except when you are actually sending money and sweep your inbound amount daily. Another fraud to be aware of, particularly in larger businesses is a confidence scheme where a communication is sent to a key employee appearing to be from a trusted manager or owner requiring an immediate wire to satisfy something that seems legitimate. For example, the owner sends what appears to be a text to the CFO saying I just arranged an acquisition and need $100,000 sent out this morning. In some cases an underling might receive a similar message from the owner requesting that they contact the CFO to confirm. The additional contact creates a sense of urgency that can make an otherwise unusual request seem legitimate. Make sure everyone who has any access to your online or in-person banking is aware of this scheme and knows never to act on any such request. Almost all fraud can be prevented with good planning and diligence. Take a couple of hours and protect your hard-earned money today. Best, Peter Goldring, President Goldring Protection 516-640-1410 peter@goldringprotection.com Consulting Service to the Electronic Low Voltage Industry Burglar, Fire, Cameras, Access Control, Security and Fire Requirements, Nationwide *************************** Response *************************** Thanks for your well thought out and presented advice. Warning to everyone reading this: Don't make the mistake of reading the advice and then moving on to your busy day. Trust me, if you have a fraud activity you won't be paying any attention to your busy day, you will be consumed by trying to get your money back and straighten out the attack. Taking preventative measures is around the learning curve but you have to focus on the risk and spend some time implementing what is likely available from your bank and credit card companies. This really is an eye opener; relying on advice and consultants is valuable; you only need to pay attention and act on the advice quickly before moving on to your routine. **************************** STANDARD FORMS Alarm / Security / Fire and related Agreements. click here: www.alarmcontracts.com *************************** CONCIERGE LAWYER SERVICE PROGRAM FOR THE ALARM INDUSTRY - You can check out the program and sign up here: https://www.kirschenbaumesq.com/page/concierge or contact our Program Coordinator Stacy Spector, Esq at 516 747 6700 x 304. *********************** ALARM ARTICLES: You can always read our Articles on our website at ww.kirschenbaumesq.com/page/alarm-articles updated daily ******************** THE ALARM EXCHANGE - the alarm industries leading classified and business exchange - updated daily ************************* Wondering how much your alarm company is worth? Click here: https://www.kirschenbaumesq.com/page/what-is-my-alarm-company-worth ****************************** Getting on our Email List / Email Articles archived: Many of you are forwarding these emails to friends or asking that others be added to the list. Sign up for our daily newsletter here: Sign Up. You can read articles and order alarm contracts on our web site www.alarmcontracts.com ************************** Ken Kirschenbaum,Esq Kirschenbaum & Kirschenbaum PC Attorneys at Law 200 Garden City Plaza Garden City, NY 11530 516 747 6700 x 301 ken@kirschenbaumesq.com www.KirschenbaumEsq.com
