Despite frequent fraud attempts, many businesses do not suffer financial losses when they implement strong fraud protection strategies. Here’s how to protect your organization:
Check Fraud
If your company writes checks, put the following services on all your checking accounts:
- Positive pay systematically compares checks presented for payment to your issued-check files to detect serial numbers and dollar amounts that don’t match.
- Reverse positive pay is an alternative to positive pay services for companies unwilling or unable to transmit issued-check files to CBC. You get the opportunity to review checks presented for payment and determine if they should be paid or returned.
If you make ACH payments, these services can help protect you:
- ACH Fraud Filter – The “Stop” service automatically stops all ACH debits – except those you specifically pre-authorize – from posting to your accounts. The “Exception” service presents transactions to you for pay or return decisions.