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 ****************************** More on Fraudulent wire and other banking transactions and who bears the loss April 21, 2026 ************************* More on Fraudulent wire and other banking transactions and who bears the loss from articles on April 11 and 20, 2026 ************************* Ken, Your answer to Anonymous’ question about fraudulent wire transfers in your April 11, 2026 post was correct. Once you (or an employee) authorizes a wire transfer it is pretty much impossible to reverse it. This is one reason that we educate our clients about the Treasury Management departments at their banks. Treasury Management people are focused on the services that large corporations use, but are available to any customer. One feature that helps to reduce fraud is Positive Pay. If a company enrolls in positive pay, they can control how ACHs will be paid. Typically the company submits a list of authorized merchants and maximum amounts for ACHs. If the merchant is not on the list the company receives an email informing them of the ACH request and they have until around 3 pm to approve or reject it. Most of our clients select “reject” if they don’t respond. This shuts down surprise ACHs. We have over 300 alarm company clients and only a handful ever generate wire transfers. We have our clients effectively “shut down” wires unless they obtain specific bank officer authorization. The other feature of Positive Pay is Positive Pay checking. The company uploads information when they write a check, check number, payee, and amount. If the check presents to be paid and all three fields do not match, the company receives an email asking how to handle the check. I have lost count of how many forged, altered, and washed checks we have prevented for our customers. Fraud is something that happens to someone else until it happens to you. We are business advisors and a large part of our practices is helping our clients operate better. Ask your accountant about Treasury Management Services. Also ask yourself why your accountant didn’t already recommend them. Mitch Reitman 817 698 9999 XT 101 mreitman@reitman.us Reitman Consulting Group Fort Worth, TX 76133 ************************ Response ************************ I have instructed my office to implement this advice and Peter Goldring's advice from yesterday; I suggest you all take a moment and do the same. Send the two articles to your CFO, accountant, bookkeeper, wife or kid, or call the bank yourself; just get these ideas implemented. If you call me when you are target of a fraud the first thing I'm going to ask is if your these specific articles. You will be sorry if you don't take a moment to protect yourself. And, thank you Mitch for taking the time to educate the industry. ************************ 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
