Protect Business Accounts Against Transaction Fraud

Checks continue to be a popular payment vehicle for businesses and 42% of Business to Business (B2B) payments are made using checks, according to the 2019 AFP Electronic Payments Survey Report.*

Although lower than in the past, the continued popularity and ease of check payments keeps it on the radar of those perpetrating various forms of check fraud such as altering the payee name, check number or the amount of the check.   

Fortunately, there are Cash Management tools available to combat check fraud. The Check Positive Pay feature available for business checking accounts matches criteria such as the check number and amount of each check presented for payment against a list of checks previously authorized and issued. Discrepancies are flagged and reported to the company who issued the check.

In addition to Check Positive Pay, the optional Payee Match function adds another level of security to help protect business checking accounts against check fraud. The Payee Match module identifies and extracts the payee name(s) from the check image, then compares this information against the payee included in the check issue files and flags any possible alterations for customer review. This can help spot checks where the amount is correct, but the name of the payee was altered to divert funds to another party.

For more information about our Check and ACH Positive Pay, Payee Match, or other Cash Management products with features designed to help keep your Business Accounts secure, visit EnterpriseBanking.com/cash-management  or contact our Cash Management team at 877-671-2265.

For additional information on how to protect your accounts, visit EnterpriseBanking.com/security.

* Association for Finance Professionals 2020 AFP® Payments Fraud and Control Survey Report Key Highlights, page 5.