Positive Pay a Positive Experience for One Customer
Check Fraud Averted!
Check fraud continues to rise as more are attempting it due to the increased difficulty of credit card fraud with the introduction of the chip technology. CNB’s business customers have the option of using a software program called Positive Pay, which reviews daily all the checks a business writes to match the amount of the check, payee information and check number. If any items are a mismatch, they’re placed on a report for the business to review and approve or deny prior to the check being cashed. One customer, Anderson Tractor Supply, had previously had check fraud and when Positive Pay became available they signed up. They were glad they had when a recent review of their report showed 2 checks for $900 each that they had not written. The check stock looked similar and the business information printed on the checks was all the correct information. By denying those checks, they were able to save $1,800 in fraudulent check activity and maintain peace of mind that they have an extra layer of protection by using the Positive Pay service.
If your business writes checks, consider the Positive Pay service for assurance against check criminals. We offer packages based upon the size of your business and your checking activity. Call CNB’s Cash Management department today to learn more – 1-800-262-4663, or email email@example.com.