Stephanie Burbine can be reached at 508.568.3213 or sburbine@mycapecodbank.com.
Unfortunately, scammers never take a break and lately banks are seeing a concerning trend: the rise of check fraud. As a business owner, you may be asking yourself – “How can I best protest my operational checking accounts from check fraud?”
The best option to safeguard against check fraud is get “Positive Pay.” Not only does it fight check fraud, but also it’s available free of charge at The Cooperative Bank of Cape Cod.
Positive Pay is a program with two parts: Check Positive Pay and ACH Positive Pay.
Check Positive Pay matches checks issued by a business with those presented for payment. Information loaded into the Positive Pay portal includes the check number, check date, dollar amount, and payee name.
As checks are presented to the bank, Positive Pay compares each check with the information on file. If details do not match, the business will receive an email alert prompting a review of any discrepancies, also enabling the issuer to make a pay or return decision for each item.
ACH Positive Pay protects against electronic payments fraud. It prevents unauthorized companies pulling funds from your business account. For example, ACH Positive Pay monitors debits to a business account based on rules established for various vendors.
Vendors to whom regular payments are sent can be added to an approved list. Vendors not authorized to withdraw funds from an account can be added to a blocked List. Whenever an ACH debit transaction that does not meet rules established by a business is detected, an alert is issued, and action can be taken.
Positive Pay is easy to use, featuring multiuser access with specific levels of authority, flexible check file formats, and the ability to cache up to a year’s worth of historical data.
The Cooperative Bank of Cape Cod encourages all business clients to enroll in Positive Pay. Not only is it a safeguard against suffering monetary loss, but it also saves untold hours of time that might otherwise be spent investigating a case of fraud. In addition, a business’s reputation is protected.
The Cooperative Bank of Cape Cod is committed to community, and that includes the safety and success of your business.
Stephanie Burbine is the Cash Management Officer at The Cooperative Bank of Cape Cod. She can be reached at 508.568.3213 or sburbine@mycapecodbank.com.