The Perks of Positive Pay
Check fraud continues to soar unfortunately as the Financial Crime Enforcement Network reported that in 2021, more than 350,000 Suspicious Activity Reports of potential check fraud had been filed. There are various fraud trends that include stolen checks (washed, altered, or forged), counterfeit, remote deposit capture, and ATM deposit.
The reason for the surge? Criminals are becoming more sophisticated and organized across technology and messaging apps, where they can send encrypted messages and conceal their identities through anonymous and untraceable usernames.
How can we help you mitigate check fraud? Positive Pay is a powerful tool that enhances the security of your check transactions. It’s a type of automated fraud detection technology designed to detect and prevent counterfeit checks.
Positive Pay is essential for businesses of all sizes that frequently use checks to collect payments. It’s particularly valuable for companies with high transaction volumes, those that issue large-value checks, or businesses in industries vulnerable to financial fraud. Non-profit organizations and governmental entities can also benefit from Positive Pay’s protective measures.
By adopting this service, any organization looking to enhance the security of its financial transactions and minimize the risk of check fraud can significantly safeguard its assets, ensuring that only authorized checks are processed and paid.
The positive pay system is designed to ensure the bank doesn’t process fraudulent checks. Even as more businesses adopt card and online payments, checks remain a common payment method. Although our customers love the ease, efficiency, and convenience of ePayments, there are still times when vendors opt for paper checks instead.
By leveraging this service, you can add an extra layer of security to safeguard your business.
Core Bank offers positive pay for both ACH and check so business owners will be a step ahead of the game.
Check Positive Pay: This method automatically matches each check presented against a list of issued checks provided by the company. If any discrepancies arise, the system alerts the financial institution and the company.
ACH Positive Pay: This service empowers users to filter or block all incoming ACH debits before they are authorized to post to an account, providing an additional layer of protection.
Positive Pay enables your business to stay one step ahead of criminals and safeguard your financial accounts against fraud. It is compatible with QuickBooks and other accounting software.
At Core Bank, the safety and security of your assets are always our highest priority, so we provide you with the tools and resources you need to stay up to date in protecting your identity and assets. By understanding the evolving tactics employed by scammers, recognizing red flags, and implementing effective security measures, businesses can mitigate the risk of falling victim to BEC scams and safeguard their finances and reputation in an increasingly digital landscape.
Don’t wait for fraud to happen to you. Please contact Treasury Services to start protecting your business today!