Keep Your Accounts Protected with Check Positive Pay
Check Positive Pay is a fraud mitigation service that provides early detection of fraudulent, altered, or counterfeit checks through a daily verification of checks presented for payment against your account.
CNB’s Check Positive Pay helps prevent check fraud and strengthens internal controls by systematically comparing checks presented on your account against the checks you issue daily. It works by verifying check numbers and dollar amounts and then reporting discrepancies to you via Business Online Banking. If you identify a fraudulent check in the provided list, simply notify us online by the cutoff time to return the item.
How It Works:
- Clients will upload a file containing issued check data into the Check Positive Pay system in Business Online. Checks presented for payment against the account are compared to those issued by the client.
- Any check(s) not on the issued checklist (and potentially fraudulent) is sent to the client’s exception for examination. Signing up to receive alerts will be the quickest way to know when there is an item that needs a decision.
- The client logs into Business Online Banking Positive Pay system and will review the exception item(s) and makes a “pay” or “return” decision on each item.
Check Positive Pay can enable you to:
• Reduce your potential exposure to check fraud
• Quickly identify suspicious items
• Have ready access to check images
Key Features
Multiple exception types
- Checks which have never been on an issued check file.
- Items that are duplicates of ones that have been paid.
- Items with no check number, check number does not match or zero for a check number.
- Items with amounts that don’t match the issued file.
- Stale dated items.
Learn More from a CNB Personal Banker
If you run any type of business, you need to protect your livelihood against fraud. Check Positive Pay is an important tool for companies in all industries who are at risk for identity theft, scams and schemes. Check Positive Pay provides businesses with an opportunity to significantly reduce their exposure to fraud by identifying unauthorized transactions like altered and counterfeit checks before they have a chance to post. The service is easy to use and can even save your business time and money.
If you want to protect your business and maintain peace of mind, consider Check Positive Pay software. For more information about Check Positive Pay or to sign up for this valuable tool, contact your Personal Banker at CNB today.
