Author: Anne Denissen Date: 02/19/2020

Fraud Prevention Tools to Protect Your Business Accounts and Give You Peace of Mind

Years ago, criminals who wanted to get money out of a business were pretty much limited to grabbing cash from the register and running out the door. But what about loss due to check fraud? With today's rapidly evolving technology and online and mobile payment systems, you would think that check fraud would be a thing of the past, but, unfortunately, that is not the case. Digital fraud requires considerable technical savvy and investment. One can get into the check fraud business with a simple trip to the office supply store. 

Check and ACH fraud are two of the threats that can present a big challenge for businesses. Fraud prevention tools such as Check Positive Pay and ACH Positive Pay from Investors Community Bank can offer additional protection for your account, which can provide you with peace of mind.

 

What is Check Positive Pay?

Check Positive Pay is a web-based check verification service that allows you to review exception items before they're paid, and return checks that you determine may be fraudulent.

How does it work?

  1. You will send the bank a list of daily checks to be issued.
  2. As items are presented to your account, we match them against your submitted file.
  3. Checks on your list are paid. Checks NOT on your list, or checks with discrepancies are marked as exceptions.
  4. You receive an email that lets you know when there is an exception to make a "pay" or "return" decision on. 

Benefits of Check Positive Pay include:

  • The ability to monitor internal controls and detect check fraud
  • Reduced disbursement risk with timely returns
  • Control over whether checks should be voided, paid or returned
  • The option to review a list of outstanding checks at the end of each month
  • Reduced administrative time and processing costs 

 

What is ACH Positive Pay?

ACH Positive Pay helps you protect your funds, allowing only ACH transactions from the parties you authorize, within the dollar limits you authorize, to post to your account.

How does it work?

  1. You provide us the names of businesses you authorize to withdraw funds from your account, as well as the dollar limits for each.
  2. If there's an unauthorized withdrawal, the bank will alert you and ask for a "pay" or "return" decision.

Benefits of ACH Positive Pay Include:

  • Consistent monitoring of your account for fraudulent activity, so you can focus on running your business
  • Easy set-up of an approved company list and parameters
  • An email to review when unauthorized ACH withdrawals occur
  • A choice to "pay" or "return" unauthorized ACH withdrawals

 

The Treasury Management team at Investors Community Bank has the expertise and services to streamline your day-to-day cash flow needs. Through customized solutions focused on what’s important to you, we will partner with you from collection to disbursement, helping you efficiently manage, protect and distribute your funds. Contact us today to see how we can help make your money work for you! 

Don't make the mistake of considering your company - small or large - out of reach of bank fraudsters or cybercriminals. Use our fraud risk assessment tool to determine your risk level. Upon receiving your results, you'll have the option to sign up for a free meeting with one of our Treasury Management Team Members who can set you up with the tools you need to ensure your business stays secure. 

ICB Fraud Risk Assessment Tool

 

Topics: Risk/Fraud, Cash Management, General Business, Nonprofit

 

Written by Anne Denissen

Anne Denissen is Vice President - Treasury Management at Investors Community Bank. She holds a Bachelor of Arts degree in computer science from Lakeland College and has more than 20 years of banking experience. She helps guide each business to solutions that fit their needs, and coordinates the implementation of treasury management services.

 

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Views provided in this blog are general in nature for your consideration and are not legal, tax, or investment advice. Investors Community Bank (ICB) makes no warranties as to accuracy or completeness of information, including but not limited to information provided by third parties, does not endorse any non-ICB companies, products, or services described here, and takes no liability for your use of this information. Information and suggestions regarding business risk management and safeguards do not necessarily represent ICB’s business practices or experience. Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information.