Watch this video to learn how to protect you and your business from check fraud.
Summary: Check fraud is a growing threat to businesses and financial institutions. Criminals use counterfeiting, alteration, and forgery to steal funds, but companies can reduce risk with fraud protection products, secure payment methods, updated vendor records, and employee training.
Transcript:
Check fraud is one of the largest challenges facing businesses and financial institutions today.
Criminals use a variety of methods to exploit vulnerabilities and steal funds, from counterfeiting and chemical alteration to forgery.
To protect your business:
One – Make sure your bank offers products that can protect you from fraud. ACH alerts notify you of transactions from unapproved parties, and unmatched checks are flagged by Payee Positive Pay. Reverse Positive Pay ensures you approve checks through email before they’re paid.
Two – Instead of mailing checks, use electronic payments on trusted websites.
Criminals love following paper trails.
Three – Keep vendor records up to date, and double-check any changes to banking details.
Four – Train your team to identify and report red flags.
Get proactive about fraud protection, and stay safe!