YOUR FIRST LINE OF DEFENSE AGAINST FRAUD.
According to BizFilings, “It has been estimated that the loss suffered by US businesses caused by check fraud exceeds $60 billion a year”. Don’t let your business be one of them. The solution? Positive Pay.
Positive Pay is a fraud detection solution offered by Commercial Bank that – put simply – uses digital confirmation to determine whether a check or ACH should be paid or flagged for non-payment.
- Step 1: Your business uploads a file containing issued check data securely through your online banking account.
- Step 2: When checks are presented for payment, they are automatically compared to the data in the file.
- Step 3: If there are any checks pending that are not on the issued check list, you’ll receive an email notification in the morning.
- Step 4: The business logs in to OLB to review the exception items and makes a “pay” or “return” decision by 10:30am.
Your business will also be able to create and maintain rules to allow only approved ACH debits. For higher fraud prevention, you may choose to review the images of ALL pending checks each day instead of uploading issued checks.
You work too hard to let an unauthorized transaction take time and money away from your business. Reduce your risk of loss from fraudulent activity and ask a Personal Banker how to enroll in Positive Pay today.