Tools and Tech to Protect Your Company Against Check and ACH Fraud

08/23/2016

Tools and Tech to Protect Your Company Against Check and ACH Fraud

Positive Pay is one of the most powerful tools you can use to protect your company against check fraud. Billions are lost each year from check fraud and it affects companies of all sizes. North Shore Bank offers a solution for any size business to effectively monitor checking and ACH transactions.

Positive Pay is offered through Business Online Banking and is a simple way to effectively protect your business against fraud. When you issue a batch of checks through your accounting program, each check has a certain profile - the date, the amount, the payee, and the account on which the check is drawn. Those records are exported from your accounting program, and imported to the Positive Pay system.

As those checks are deposited and reach us for posting, we compare the details of the check to the details you provided when it was issued. If differences or discrepancies are found, the check is flagged, and placed in the Positive Pay "Exception" list for you to review. You can then determine whether the check should be paid or rejected.

It's a simple yet powerful way to stop the most common types of check fraud. Discover more about how Positive Pay and North Shore Bank's Business Online Banking can benefit you.

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