Protect your funds from fraud with Positive Pay and ACH Controls
Fraud is everywhere and comes in many forms.
As a business owner, you and your employees are the first line of defense when it comes to protecting your business and combating fraud. In addition, we have solutions to help you reduce potential threats to your business. Plan for the worst case scenario now and implement the proper tools to safeguard your business in a world full of fraud.
Reduce your risk of check fraud with Positive Pay
Check fraud has a significant impact on businesses across the country. With multiple layers of protection and strict verification in place, Positive Pay substantially limits your liability and exposure to check fraud. The tool will prevent us from paying a check with an error or altered payee name; stale-dated, voided, or stop-pay checks from being paid; and protect against counterfeited or duplicated checks. Your business will also have online access to view activity, place stop payments, add checks, and determine if the exceptions should be paid.
Here's how it works:
- You'll log into Positive Pay and key in the check number, date issued, check amount, and payee name of all checks written or issued for the day.
- The bank will match the check number and amount of the check issued with the check presented for payment.
- Any discrepancies in a check's information will trigger a red flag to you that the check might have been altered.
- You'll review the check for any discrepancies and decide if the check is authorized for payment.
Additionally, you can add an extra layer with Payee Positive Pay. This tool increases your level of defense against check fraud by verifying not only the amount and check number, but also the payee name against the issue file.
Protect your account from unauthorized ACH transactions with ACH Controls
Limit access to your business checking account funds with ACH Controls and the use of blocks and filters. With ACH Controls, we can block all ACH transactions (debits and credits), return only ACH debits, or provide debit filtering. Debit filtering allows only those ACH debits authorized by you to post to the account. The filters can be set for specific companies with no dollar limit or a dollar limit can be placed on each approved company. When an unauthorized item tries to clear your account, we'll contact you to see if it should be approved or denied.
Here's how it works:
- You'll let us know what ACH Transactions, if any, should be permitted to post on your business checking account.
- Any transaction presented that is not pre-authorized will be flagged as a suspect item.
- We'll alert you that a suspect item has been received and ask how you'd like us to process.
- If we don't receive a response, then the items will be returned back to the originator of the transaction.
Fraudsters will continue to be creative and come up with ways to scam individuals and businesses, but with a little help from us and the proper fraud protection tools, you'll stay ahead in your fraud game.
The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its affiliates and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.