A typical organization loses 5% of revenues to fraud each year. This rises to 28% for businesses with less than 100 employees.
In an era of uncertainty where phishing scams and ACH fraud can leave organizations exposed, how can you protect yourself from unwanted attacks and what are some of the warning signs? Listen to our previously recorded webinar on how you can help protect your company.
Positive Pay helps guard against fraudulent check transactions and gives you greater control over disbursements. We compare checks presented for payment against a file of issued checks that you provide. If any item such as check number or dollar amount does not match, the check is flagged for your review. You decide whether to pay or return the check. As an added measure of protection, checks presented for cash payment at any of our teller lines are compared against your check-issued file and only those matching the information you provided will be honored. How Positive Pay works
Using online banking, simply upload a file containing information about the checks you are issuing that day.
Most data file formats are acceptable.
Information about the checks may also be entered online manually.
Each day we compare the information you provided with checks presented for payment.
If there are discrepancies, you will be notified by email.
Login to online banking to submit your decision to pay or return the item(s) in question.
While Positive Pay safeguards your account against check fraud, Electronic Debit Block protects it against unauthorized ACH debits. You may choose to block all electronic debits, or set up a filter that allows only authorized payees to debit your account. How Electronic Debit Block works
Choose whether you want to block all electronic debits (ideal for depository accounts) or filter debits (good for disbursement accounts).
If filtering, supply us with a list of authorized payees. Filter criteria may include account number, company name, and ID.
You may also choose maximum debit amount and expiration date.