More and more people are falling victim to financial fraud and check fraud can affect your small business as well. While many business owners have simply stopped using checks, many of those same customers continue to use checks to pay their business expenses.
So how do you protect yourself and your business from fraudulent checks? If ceasing to use or accept checks in your business is not an option, there are other ways to prevent check fraud from impacting your business.
One way is to add Positive Pay to protect your commercial checking account.
→ Positive Pay matches the account number, check number, issue date, payee and dollar amount of each check presented for payment against a list of checks previously authorized and issued by your company.
→ Each time a check or series of checks are issued, a file of those checks containing the check number, issue date, payee and dollar amount is uploaded into online banking by your company. If a potential fraud occurs, you will receive an alert in online banking and be prompted to approve or reject the payment
→ Ways to reduce false positives and therefore work load of company employees:
- Upload files of issued checks as they are dispersed. Any check not uploaded to the system presented for payment will reject;
- Follow font best practices and guidelines (as shared by F&M Bank)
Interested in learning more? You have options!
→ Contact your local banker
Use the Support feature when you are logged into online or mobile banking to start a conversation.