Which of the following is NOT a method for electronic payment fraud prevention?

Study for the IOFM Accounts Payable Specialist Certification Exam. Prepare with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

Reconciling accounts weekly is not specifically a method designed for electronic payment fraud prevention. While regular reconciliation is an important practice for maintaining accurate financial records and can help identify discrepancies, it does not provide the immediate oversight necessary to detect and respond to fraudulent activities effectively.

Daily reconciliation, on the other hand, allows for more prompt detection of irregularities or unauthorized transactions, as it involves reviewing transactions on a more frequent basis. By monitoring accounts every day, organizations can quickly spot and address potential fraud before it escalates.

Additionally, methods such as setting up a separate account for payments and utilizing ACH credits instead of debits serve direct purposes in mitigating fraud risk. A separate account can limit exposure to fraud by containing potential losses to that specific account, while ACH credits provide a greater degree of control over outgoing transactions compared to ACH debits, which can be initiated by the recipient, increasing the risk.

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