By Kathie Adams
Senior Vice President, Cash Management/Business Development
The 2016 AFP Payments Fraud and Control Survey1 found that 75 percent of businesses were targets of payments fraud last year. Checks are the most commonly targeted payment method for fraud, with 71 percent of businesses experiencing actual or attempted check fraud.
While the numbers may be startling, the good news is that you can proactively fight check fraud with Positive Pay via business banking from Manasquan Bank.
Digital, Automated Check Matching
Positive Pay is Manasquan Bank’s way of adding an extra layer of protection to your business. With this cutting-edge technology, you can secure your accounts and manage risk more effectively.
Positive Pay matches the information on an inclearing item presented for payment to your issued item files. The account number, check number and dollar amount must all match exactly; if any element is off, the item is flagged and sent to you for review. Here’s how it works:
The advantage of Positive Pay is that it allows you to identify a fraudulent item before it is cleared. You have complete control of your accounts payable, plus improved accuracy for your accounting and auditing.
Get Positive Pay from Manasquan Bank
The AFP Payments Fraud and Control Survey estimates that 88 percent of organizations were using Positive Pay in 2015–up from 79 percent in 2014. Positive Pay is by far the most relied upon method for reducing the risk of check fraud.
Is your bank helping you safeguard your business checking account? Contact me today to learn more about Positive Pay and our complete business banking toolkit.