Positive Pay Package
Protect your business from Check & ACH Fraud
Fraud continues to be on the rise and it’s no longer a matter of if you experience it, but when. According to the 2023 AFP Payments Fraud and Control Report, 65% of organizations were victims of check fraud in 2022, and 30% were victims of ACH debit fraud.
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How Does Positive Pay work?
One of the most effective ways you can protect your business from these losses is with a fraud detection tool called Positive Pay. Positive Pay is a service that helps prevent check fraud by matching the checks you issue with those that are presented for payment. By confirming the details of each check, such as the check number, date, and amount, positive pay can alert you to any discrepancies or potential fraudulent activity.
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Fraud Prevention Tips
One of the most important things you can do to protect your business from ACH fraud is to verify any requested changes to payment details. For example, if you receive an email requesting a change, do not make that change until you confirm with the company or person via a second communication method, such as over the phone or in person. Do not use the phone number that is in the email request or any other contact information in the email request. Instead, use a previously established number, or search for the business’s phone number on a search engine like Google.
If you are originating ACH transactions to send funds to a merchant or direct deposit to your employees, always verify any changes made directly with that party. Do not accept changes or modifications through emails.
If you do receive an email to change ACH payment instructions, confirm the request via telephone or another secure communication channel, such as a merchant portal or instant messaging service you already use with that party.
Be wary of any instructions for follow-up the sender includes in their email request. Any request you receive could be a fraudulent email, so the instructions could push you closer to the fraudster.
Hear from our Cash Management officers as they share tips, and more information they’ve learned from real business customers.
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