Hello, this is CoBank’s Fraud Wise, helping you avoid becoming a victim of fraud.
Today, we’re going to talk about three ways you can protect your payments from fraud.
In episode 7, we talked about altered check fraud and how Check Positive Pay can detect altered checks. It can also detect counterfeit checks, and in both cases it puts you in control in deciding which checks to pay and which to return.
Standard or Basic positive pay compares a list of the checks you’ve issued against checks that are presenting for payment against your account. The positive pay service alerts you to any discrepancies between amounts and/or payees, depending on your positive pay solution. Then you decide which items to pay and which items to reject. With Reverse Positive Pay, your bank provides you with a list of all the checks presented against your account so you can compare it against your check issue records.
Outside of positive pay solutions, you can also issue a stop payment for checks that you fear have been misdirected or stolen. As long as the check has not already posted to the account, you can simply contact your bank and ask them not to honor the specific check when it’s presented for payment.
Similar to these fraud protections for checks, ACH positive pay can detect fraudulent received ACH debit transactions, which pull funds out of the account. With ACH positive pay, you can establish approved business partners to receive payments, and block any transactions from unknown or unauthorized parties. You can also set dollar limits, and auto-accept and auto-return rules to streamline and secure your ACH payment management.
Staying on top of your payments to prevent fraudulent transactions before they happen is much simpler than trying to recover payments after they’ve been processed. Many organizations use security tools like these to manage their payment transactions and prevent losses due to fraud.
This has been CoBank Fraud Wise, helping you protect against fraud.