Business Fraud Prevention with Positive Pay

Fraud Prevention Solutions

Positive Pay can help your business detect fraud, from paper checks to Automated Clearing House (ACH) transactions, businesses are vulnerable to fraud, theft and other malicious practices that put funds at risk. We offer Positive Pay Products intended to keep your accounts safe.

Positive Pay

helps you identify counterfeit checks. A file containing the basic information about the checks that were issued is sent to the bank, the bank then compares the file information to the checks that were presented for payment.

Payee Positive Pay

An enhancement to Positive Pay, Payee Positive Pay also includes the payee’s name in the file sent to the bank. This allows for an additional layer of verification, as the bank checks not only the amount, date, and check number but also the payee’s name against the presented check.

Reverse Positive Pay

helps to prevent check fraud by allowing business users to examine every check and make decisions to pay or return them.

ACH Positive Pay

helps prevent unauthorized electronic transactions and manage acceptable transactions. Businesses can set filters to accept or reject items such as approved payee lists, transaction amount limits or entries for specific types of transaction. Add, edit, or delete filters at any time based on your needs.

Fraud Prevention Resources

Develop strong internal safeguards and controls

Monitor accounts daily through online banking to detect suspicious activity and report any fraudulent or unauthorized transactions to Customer Service at 1-815-933-0570, Monday - Friday 9:00am - 5:00pm CST.
Reconcile bank statements immediately
Keep check stock protected
Separate check writing and reconcilement functions to ensure separation of duties
If checks are utilized for payroll, consider a separate account for payroll. These types of checks are the highest risk for fraud.
Conduct periodic unannounced audits to account for all check stock and electronic payment systems
Educate employees on best practices
Maintain a strong HR Policy against personal use on business IT systems, especially personal email and interactive social media sites
Complete background checks on all staff with access to company accounts and financials
Consider Cyber Insurance and Social Engineering Riders for your company's business insurance
Perform quarterly audits to ensure all employees are following the company's policies and procedures

Utilize System Controls

Use check stock with fraud prevention security features such as VOID, watermark, tamper-resistant check stock, etc.
Enroll in check and ACH positive pay
Utilize DirectLink Merchant services
Utilize dual control
Operate a stand-alone PC for banking activity and payment origination
Use comprehensive IT security systems, including firewalls, anti-virus, and anti-malware software and keep all IT systems up to date
Enroll in and monitor email/text alerts and confirmations