Everyday scammers are developing new ways to rob you of your money. Recently, IntegraPay issued a warning to merchants about a current scam involving refunds of ACH Debits.
In this con, scammers make a payment using ACH Debit and then request a refund from the merchant before the transaction has cleared. The merchant refunds the transaction only to have the ACH Debit rejected a week to ten days later.
Scammers often target more unsuspecting organizations such as charities and non-profit organizations with this scam. For example, an individual makes a donation of $7,000 via ACH Debit and then calls the charity or non-profit organization saying they only meant to donate $70. The organization refunds the difference only to find out a few days later the original transaction was rejected.
To protect yourself from this type of fraud it’s recommended that you wait ten days before issuing a refund, either full or partial; this will help ensure funds are secure, and you won’t be on the hook for any additional fees.