With the growing presence of digital and mobile payments, it’s not a surprise that many companies are moving away from using paper checks; however, check fraud remains a common issue that many businesses face. Even if your company is working toward a check-free environment, it is a process that can take years.
If your business uses checks as a payment method, we recommend that you consider the following steps to better protect your company:
- Use positive pay with payee match or reverse positive pay.
- Set the default for reverse and positive pay exceptions to “not to pay.”
- Use a high security check printing system and blank check stock.
- Remove or change the C-suite signatures on checks, using the company name instead.
- Know your bank. Ask them about their process for check destruction and check fraud detection.
- For Remote Deposit Capture (RDC) users, make sure your bank is invested in a duplicate detection system
There are a number of services and systems that can help your business protect itself from check fraud, and our Treasury Management team is always available to review your current account structure and operations, and provide suggestions to maximize your security and your cash flow.
Contact us at 303.531.8100 to speak to one of our Treasury Management team members and ask about a complimentary review of your business accounts.