Fraud Prevention Services: Fortify and Strengthen Your Business
Business
| 03.18.2025
If your business was a car, you’d take advantage of all the expertise and use the tools you need to ensure it’s running smoothly. One of the best tools in your business toolbox is fraud prevention services, offered through our treasury management department. These services can help prevent your business from losing money (and time) by detecting and preventing fraudulent activities before hitting your account. Join Nick Benz, our Director of Treasury Management and Merchants Services, to learn about fraud prevention services, how they work to protect your business and how to determine the right one(s) for your business.
There are different types of fraud prevention services: positive pay, reverse positive pay, ACH blocks and ACH filters. Which services you use to shield your business depends on your accounting and payment systems.
"Depending on your business software, the positive pay process could be automated," Nick explains. "This saves time by eliminating manual payee information submissions. But if your accounting system doesn’t have this capability, our Treasury Management team can still assist."
"In addition to these fraud prevention services," Nick advises, "I also recommend setting up dual control for payments. This means one person initiates the payment, and another approves it, essentially creating a second layer of security against fraud."
“If you have anything you could lose, fraud prevention services are a good idea,” says Nick. “Although digital fraud has become more common, check fraud remains a threat and is on the rise. Don’t let it find you unprotected.”
In other words, fraud prevention solutions are for every business.
“One of our business clients previously experienced identity theft,” explains Nick. “After the incident, we enrolled them in positive pay and ACH filter. When fraud tried to strike again a few months later, our systems flagged these items and allowed the business to review the transactions before they went through. This prevented a potential loss of several thousand dollars.”
Types of Fraud Prevention Services
“Fraud prevention services empower you and your business to take a proactive stance against fraudulent activity,” shares Nick. “It essentially acts as a shield for your financial information.”There are different types of fraud prevention services: positive pay, reverse positive pay, ACH blocks and ACH filters. Which services you use to shield your business depends on your accounting and payment systems.
Positive Pay and Reverse Positive Pay
These fraud prevention solutions are great if your business issues checks and wants the added assurance of knowing only approved checks will post to your account.How these tools work
- Positive Pay: You send a check file to the Bank of checks that have been issued. The system will record all necessary information (check number, dollar amount, date of the check and payee) to compare. Only checks matching this pre-approved list are paid by the Bank. Checks presented for payment that do not match the list must be reviewed or may be rejected for payment.
- Reverse Positive Pay: You receive a list of checks presented to your account for payment and review them against the checks you have issued.
"Depending on your business software, the positive pay process could be automated," Nick explains. "This saves time by eliminating manual payee information submissions. But if your accounting system doesn’t have this capability, our Treasury Management team can still assist."
ACH Blocks and ACH Filters
These fraud solutions are great if your business has ACH debit or credit activity running through your business checking account and want the added assurance of being able to monitor for unauthorized ACH transactions.How these tools work
- ACH Block: You will have the ability to prohibit, or block, all ACH debits and/or credits from posting to your company accounts to prevent ACH fraud.
- ACH Filter: You will have the control to allow certain ACH debits and/or credits to post to your account, while at the same time excluding other debits and/or credits from posting.
"In addition to these fraud prevention services," Nick advises, "I also recommend setting up dual control for payments. This means one person initiates the payment, and another approves it, essentially creating a second layer of security against fraud."
Top Reasons to Consider Fraud Prevention Services
When it comes to the top reasons you should consider fraud prevention services, Nick summarizes why in three points:- Proactive Approach: Secure your business by proactively stopping fraud attempts before they succeed.
- Peace of Mind: Protect your transactions with instant fraud detection, guaranteeing uninterrupted payments.
- Optimize Resources: Save valuable time and money by avoiding the inefficiencies and expenses associated with fraud.
“If you have anything you could lose, fraud prevention services are a good idea,” says Nick. “Although digital fraud has become more common, check fraud remains a threat and is on the rise. Don’t let it find you unprotected.”
In other words, fraud prevention solutions are for every business.
“One of our business clients previously experienced identity theft,” explains Nick. “After the incident, we enrolled them in positive pay and ACH filter. When fraud tried to strike again a few months later, our systems flagged these items and allowed the business to review the transactions before they went through. This prevented a potential loss of several thousand dollars.”
Getting started with Fraud Prevention Services
To find the best fraud prevention solution for your business, contact your local banker or treasury management specialist. They'll assess your business’s accounting systems to identify which service matches your specific needs. Treasury Management services may be subject to credit approval.Additional resources:
- Get an overview of our Treasury Management services.
- See how we help businesses grow and thrive.
