Tools to Fight Fraud
Check fraud has been around for years and it’s not going away anytime soon. In a national survey a few years back, over 80% of businesses reported incidents of check fraud. A close relationship with your Bank and innovative tools can minimize your risk for financial losses, which can be detrimental to your business.
Positive Pay is a widely-used banking tool to detect fraudulent checks presented on your account. Positive Pay works by matching the dollar amount of each check, the check number and the account number of the presented check against a list of issued checks, provided by your business. If the presented check does not match the list, the check is not paid from your account.
Printer check stock is readily available through office supply stores and used to create counterfeit checks. By mimicking your businesses’ legitimate checks, scammers are able to create significant financial losses.
Save yourself time, litigation and worry with Positive Pay. Contact Electronic Banking to get started today!
How It Works
The Positive Pay system is simple to use once you understand how it works. When you business issues checks, you will upload a list of those items into Positive Pay. When a check is presented on your account that does not have a “match” in the list you provided, it becomes an “exception item”. When an “exception item” is found, you will see it displayed within your Digital Banking for you to verify if we should accept the check or deny payment.
By catching unauthorized checks BEFORE they have a chance to clear your account, you can protect your business from hundred or even thousands in financial loss due to fraud.
“We ended up with a situation where a check had actually come through the Bank and Alliance caught that. They questioned it and notified us. With that notification it became apparent we needed to do something new and different. That’s why we went with the Positive Pay and we’re so grateful we did.”
- Lois Shoup, Polymer Science
Contact our Electronic Banking Team at (888) 385-2280 to see if Positive Pay makes sense for your business.