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How Positive Pay Protects Your Business From Fraud

If you’re a business owner, it’s more likely than not that you have come face to face with a fraud attempt in the last year. A recent survey found 65 percent of organizations were victims of payment fraud attacks or attempts in 2022 (source: Association for Financial Professionals).

One of the best tools at your disposal to prevent check and ACH fraud is called Positive Pay — and First International Bank & Trust is ready to help you begin utilizing it.

First, here’s a quick summary of how check positive pay works:

  1. Upload your issued check file into our Positive Pay system.
  2. FIBT will compare checks presented for payment to your issued-check file.
  3. We'll verify that the check numbers, dollar amounts, and issue dates on that file match up to the actual checks.
  4. If any exception items are detected, we'll send you a notification to review these items.
  5. You have the power to manage those exception items online — either by deciding to proceed with payment or not.

Additionally, the system will read the payee on a check and verify to your uploaded check file. This prevents fraudsters from changing the name on a check as a means of stealing money.

Positive Pay is available both for check payments and ACH transactions. We encourage you to bundle and save with both services.

Check and ACH fraud is no joke. In fact, the Financial Crimes Enforcement Network of the U.S. Treasury said the U.S. is seeing a “nationwide surge” in check fraud of all types — 680,000 cases reported in 2022, up from 350,000 in 2021. By routinely comparing checks written and checks presented for payment, we can help you avoid becoming a victim in 2024!

If you would like to discuss enrolling in Positive Pay at your business or organization, our Treasury Management team is ready to assist you and answer any questions you might have. Visit a branch near you or contact our FIBT Customer Care Center to get connected to our experts.

Business Banking, Security