Did you know that approximately 85% of businesses experienced attempted fraud on their bank accounts in 2023? Some of the most common types of fraud are compromised/spoofed emails, unauthorized ACH transactions and altered checks. 

There are many ways that businesses can protect themselves against fraud: Cybersecurity, Strong Passwords, Anit-Virus Software, Employee Training, and Segregation of Duties. All of these fraud prevention tools are standard and yet bank account fraud still exists.  What gives? 

Maybe it’s time that we start thinking outside of the box when it comes to fraud prevention.  Instead of simply defending our business, let’s switch to offense.  Enter Positive Pay.  

Positive Pay is a technology that can protect against altered, forged, or otherwise counterfeit checks cashed by employees, vendors, or thieves in general. With Positive Pay, a business supplies a list of check numbers with corresponding payment amounts to the bank, sometimes including the payee’s name. When the check is cashed, if the check presented doesn’t match the bank’s list, then the payment will not be cleared. The bank makes a report to the originating business banking customer and waits for direct denial or approval of the company’s check from them. Positive Pay ensures that no payments are made in the wrong amounts or to fraudulent recipients.

Your business doesn’t write checks? That’s okay.  We have just the solution for you: ACH Positive Pay and Debit Block. You provide us with a list of who can debit your account and for how much, and we’ll do the rest.