If your business writes checks, you’re at risk for check fraud. Citizen National Bank’s Positive Pay program can help protect you from the potential loss of funds from this growing problem. This online tool is easy to use, requiring just minutes a day to set parameters for checks processing through the business account. Watch this video to see why Larry Webb of Webb Insurance in Lima chose the Positive Pay program and the peace of mind he has knowing safeguards are in place to protect his business.
Protecting Your Accounts is a Combined Effort
As your bank, our goal is always to make you as confident as possible in banking with us and trusting that your money is protected. Fraudsters and cybercriminals are getting more and more sophisticated in their efforts to take over accounts and access your accounts. While there are many safeguards in place on our end in regards to firewalls and bank systems, ultimately we need your help as the account holder to be diligent in ensuring your accounts look correct. We offer products such as Positive Pay and CardValet to help you monitor your daily activity to make sure nothing looks out of place and catch any suspicious activity before it hits your account. These are products that you need to actively use for them to be as effective as possible.
Positive Pay works in conjunction with Online for Business. You submit an electronic file of all the checks your business has written each day. That file is then compared to checks as they come through for payment and any inconsistencies are flagged for you to review prior to them being paid. This system has already been successful in helping many of our businesses avoid check fraud. The cost of this program is mere pennies compared to what those fraudulent checks would have cost those companies in losses.
CardValet is used with your debit card. This free app allows you to turn your debit card off when you’re not using it, or to set location parameters to ensure it’s not used where you’re not currently located. I myself use this app and have found it provides me peace of mind and more confidence in using my debit card.
Protecting your accounts is truly a combined effort between you and our bank. Please make it a priority to monitor your accounts for suspicious transactions. Mobile and online banking offer email or mobile alerts and tools such as Positive Pay and CardValet can help you help us protect your money. For questions about any of these products or to enroll, contact your local CNB office.
Positive Pay Could Have Prevented Fraud
One of our business customers recently experienced the costly side of check fraud. Two men came into three different branches to cash a check from one of our business clients. The check looked like a business check with the Citizens National Bank logo printed on it. They each had a photo ID from another state. Two of the checks were cashed. A teller at a third CNB location questioned the validity of the check and requested assistance from the branch manager, at which point the two men left the bank, leaving the fraudulent check and ID behind. Unfortunately, the two previous checks were cashed and the money has yet to be recovered.
Had this business client been enrolled in Positive Pay the tellers at each location would have received an alert as these items would have been flagged as possible fraud. With Positive Pay, the business client submits a file of their outstanding checks that is reviewed each time a check is presented for payment. If someone brings in a check to be cashed, and the business has Positive Pay, the bank’s system gives the teller an alert to contact the business for approval before cashing the check.
If your business writes checks, you can benefit from Positive Pay. This automated system reviews every check presented for payment against the file submitted by the business and flags any that do not match by amount, payee, check number, etc… You the business owner make the call whether or not to pay the flagged check. If you’re interested in learning more about preventing check fraud and the potential loss of dollars for your business, contact Treasury Management.
Protect Your Identity
Provided by Jean Chatzky, Today show contributor
According to the Identity Theft Resource Center, there were more than 630 data breaches in the U.S. through August 31 of this year, which puts us on track to beat the 780 breaches recorded in 2015. And according to Bill Hardekopf of LowCards.com another study notes 1 in 3 Americans have been hacked in the past year. Whether you’ve been breached, hacked or neither, it’s time to take this threat seriously.
If you’re an employee whose company has been hit with a data breach, start by using any and all identity theft services the company offers. Then, call one of the three credit reporting companies (Equifax, Experian or TransUnion) and report you’re a victim of identity theft. Ask them to place a fraud alert on your credit file, confirm the company will contact the other two companies and mark your calendar so you can decide whether or not to renew the alert in 90 days. If you’ve been hacked, you can also ask for a fraud alert. But also pull your own credit reports (you can do this for free at AnnualCreditReport.com) to make sure that no one is taking out credit using your personal information.Then monitor your report again every few months. For more on what to do if your identity is stolen, check out this report from identitytheft.gov.
– See more at: www.cnbohio.com/AboutUs/CNBNews/security-bulletin/
Check Fraud Can Happen To You!
Counterfeit checks are a genuine threat as one of our business customers recently realized. They received a phone call from another bank asking them to verify checks that were being cashed. Fortunately the other bank was aware enough to recognize there was something suspicious about the check. It was written on our customer’s business account and would have meant a loss of thousands of dollars if not caught. One way to prevent such a situation is to use Positive Pay. This service allows a business customer to upload a file of all the checks written which is then compared to payee, check number, check stock and amount before being approved for payment. If any of those don’t match, or the amount is more than the desired preset limits for immediate approval, the business is notified and has the option of approving or denying the check before it hits their account. For more information about this powerful tool, check out our online demo or contact a business banking officer at any of our CNB office locations.
Find Out If Your Email Server Will Let Spoofed Emails Through…
Provided by KnowBe4 – https://www.knowbe4.com/
Ransomware attacks are getting more and more sophisticated. Some strains now grab an email address from your own domain as the “from” address and trick your users into believing the email is from a co-worker or the CEO.
Are you aware that one of the first things hackers try is to see if they can spoof the email address of your CEO? If they are able to commit “CEO Fraud”, penetrating your network is like taking candy from a baby.
Would you like to know if hackers can spoof your domain? KnowBe4 can help you find out if this is the case with our free Domain Spoof Test. It’s quick, easy (just one email from us to you) and often a shocking discovery. Find out now if your email server is configured correctly, many are not!
New Type of Hybrid Attack: First a phone call, then an email
There’s a new type of spear phishing scam that’s come to light. You may receive a phone call from a vendor. They then say they’ll follow up with an email with more information. That email is then laced with malware. You might be a bit less skeptical of an email that follows a phone call you just had. Don’t let your defenses down! Always hover over a link in an email to look for anything suspicious before you click, or type the url directly into your browser for the company rather than using the link provided. They are targeting system administrators because they have admin credentials and could inadvertently hand over full network access to attackers.
– See more at: www.cnbohio.com/AboutUs/CNBNews/security-bulletin/
Keeping up with changing times is important to Olson Cold Storage, which operates a 125,000 square foot dry, cooler and freezer storage facility in Defiance. CNB’s Positive Pay product has given owner Scott Olson peace of mind that everything possible is being done to protect his business from check fraud. Additionally, Scott says having a great banking relationship with lender Brad Spitnale also assisted him in securing a low interest Small Business Administration loan to help grow his business. View his video story.
Unfortunately fraud is more common today that ever before. We must do something to warn the others! View the movie trailer to learn more about CNB’s new Positive Pay program, designed to help prevent business check fraud.
It only takes one time for check fraud to make a big financial impact on your business. Unfortunately, it’s still a rising threat. As a away to combat check fraud and even keep it from happening in the first place, Citizens National Bank is introducing Positive Pay. This product works within Online for Business to automate check fraud detection.
How does it work?
The business creates a file of all the checks it’s issued and uploads it to the Positive Pay system. As checks are presented for payment, they are compared to the information in that file to be sure the information matches. Fields include: payee, account number, check number and dollar amount. If any do not match, it is flagged and the business has the opportunity to pay or reject that check before any money ever leaves their account.
Positive Pay is available to any Online for Business customer. The monthly fee includes access to the system and support from our Online for Business specialists in setting up the templates. The business owner may review all exceptions up to the daily cutoff time and make the decision whether or not to pay them. If your business writes a large amount of checks, consider the peace of mind this product can offer in ensuring check fraud is detected and losses are prevented.
To see how it works, view the demo.