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There are tools for your business available that can help you manage your cash and protect your funds while also minimizing the risk of fraud.

Tools to Protect Your Business’s and Investors’ Funds

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Having the right tools to manage your cash is critical. So is taking all necessary measures to protect your business from fraud. Threats to your business finances are seemingly everywhere as scammers continually develop new techniques to steal your business’s hard-earned money. There are tools for your business out there that can help you manage your cash more efficiently and protect your funds and your investors’ funds, while also minimizing the risk of fraud.

 

Protect Your Funds

According to the 2021 Association for Financial Professionals Payments Fraud and Control Survey Report, 74% of organizations were victims of payment fraud in 2020. While that is a notable decrease from 81% of organizations in 2019, that number still represents a vast majority of businesses in operation today.

Your bank may offer anti-fraud products to protect your business’s transactions. Two such products that can help provide the ultimate defense are ACH Verify and Check Verify.

ACH Verify

ACH Verify is an ACH Positive Pay Product that protects your business accounts from electronic payment fraud by ensuring only debits authorized by you post to your account. ACH Verify allows account holders to review electronic transactions posted to your accounts to greater prevent electronic fraud. This puts you in complete control of your account. ACH Verify gives you the power to decide what employees receive notifications about pending transactions, what transactions are paid, and what transactions are returned.

Check Verify

In 2020, checks continued to be the payment method most impacted by fraud activity, comprising 66% of all fraud.

Check Verify is an automated payee positive pay defense tool built to allow you to detect and return fraudulent checks. Check Verify compares the checks presented with the information you’ve provided to identify any discrepancies. Should a suspicious check trigger Check Verify, you’ll receive an email notification prompting you to either pay or return the check.

These tools can be a key component in avoiding many modern business threats.

 

Protect Your Investors’ Funds

Just as important as protecting your own funds is protecting those who depend on your business, namely your investors. It is essential to ensure that the money being invested in your business is properly protected and FDIC insured. However, that can be tricky for business owners when an investor’s deposit exceeds $250,000.

IntraFi Network Deposits

IntraFi Network Deposits (formerly known as Insured Cash Sweep or ICS) is a safe cash management solution that enables access to FDIC insurance beyond $250,000 on large deposits while still working directly with your bank.

When your deposit is placed through IntraFi Network Deposits, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000. The amounts are then placed into deposit accounts at multiple FDIC-insured banks. As a result, you can access FDIC coverage from many institutions while only working directly with your bank.

Some of the perks of IntraFi Network Deposits include:

  • Multi-million-dollar FDIC insurance backed by the U.S. government
  • Working with just one bank and receiving one regular statement
  • Maintaining access to your funds
  • Supporting your community by keeping your deposit with your local bank

Choice Bank supports IntraFi Network Deposits and offers a Secure Account Package that includes ACH Verify and Check Verify. Ask your banker or contact Choice Bank to learn more about these products and begin utilizing them to protect your business and your investors.

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Contact Us To Learn More

Abby Bishop

Abby Bishop
Cash Management Officer
763.398.5814
a.bishop@bankwithchoice.com

 

Jill

Jill Callander
Cash Management Officer
952.837.0688
j.callander@bankwithchoice.com

 

Brett

Brett Howells
Commercial Loan Officer
763.210.7735
b.howells@bankwithchoice.com