POSITIVE PAY FRAUD PREVENTION SERVICE FOR BUSINESSES

 

Our new Positive Pay fraud prevention service helps businesses prevent check and electronic payment fraud by comparing issued payment data against those presented for payment. The system flags discrepancies like mismatched check numbers, amounts, or payee names, sending alerts to the business for review and decision-making, thus protecting accounts from counterfeit, altered, or duplicate transactions.  

How Positive Pay Works

  1. Submit Check/Payment Data: 

The business provides us a file containing a list of all issued checks and their details (check number, amount, payee.)

  1. Comparison: 

When a check or payment is presented to the bank for processing, the system electronically compares it against the authorized issued list. 

  1. Exception Reporting: 

Any item that does not match the submitted data is flagged as an exception and reported to the business. 

  1. Customer Review: 

The business receives an alert and can review the details and images of the flagged items. 

  1. Decision: 

The business decides whether to pay or return the suspicious item. 

 

Benefits of Positive Pay 

  • Fraud Prevention: Detects and stops fraudulent checks, counterfeit items, and altered payee names or amounts.
  • Reduced Risk: Significantly lowers exposure to financial loss and fraud-related damage.
  • Active Control: Gives the business active participation and control over which payments are authorized.
  • Account Reconciliation: Streamlines the account reconciliation process by ensuring only authorized checks are paid.
  • Audit Trail: Provides a detailed audit trail of all payment activity.

 

Discover more about our Positive Pay fraud prevention service for businesses by contacting your local branch.