Business Fraud Prevention Safeguard your business. REQUEST A CONSULTATION Safeguarding your business from fraud starts with proactive protection. We offer business fraud prevention solutions that monitor transactions, identify threats, and help you act quickly to minimize risk. At Bank Midwest, we believe business fraud prevention is critical to protecting your accounts and data. Our fraud prevention solutions review and report transaction activity so potential issues can be quickly identified and resolved. Our Treasury Management Fraud solutions Positive Pay, Reverse Positive Pay, ACH Positive Pay, and Account Reconciliation—are designed to strengthen business account security and protect against payment fraud. Positive Pay A cost effective way to manage your payables and provide check fraud detection. Spend less time and money on reconciling accounts, and gain a streamlined approach to check storage and retrieval. Reverse Positive Pay Reverse Positive Pay provides early detection of fraudulent, altered or counterfeit checks by creating and posting a daily report of presented items for you to confirm. ACH PositivePay Safeguard against fraudulent activity by filtering or blocking unauthorized electronic transactions. Any item that meets the criteria you establish will automatically post or be rejected based on the filters or blocks that you set up. We help your business identify and report fraudulent and unauthorized payments. Account Reconciliation Reconcile your accounts daily with our account reconciliation tool to detect and resolve any discrepancies or errors. Full reconciliation provides you with a comprehensive listing of all outstanding and paid debits during a statement cycle, saving you time and money and providing greater audit controls. POSITIVE PAY How It Works You issue checks and provide the bank with a list of authorized checks, including details such as check number, amount, date, and payee name. When a check is presented for payment, the bank compares it against the list of authorized checks. If any discrepancies are found, such as a mismatched amount or payee, the bank alerts you to investigate before processing the check. REVERSE POSITIVE PAY How It Works Each business day, we will send you a list of checks presented for payment against your account. You review the list to look for any discrepancies, such as altered payee names or amounts. You approve or deny each check presented, based on your review. WE’RE HERE TO HELP Tell us about your business and one of our Treasury Management Specialists will reach out to you. First Name(Required)Last Name(Required)City(Required) City Select a StateAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming State Email(Required) PhoneSelect which services you're interested in Positive Pay Reverse Positive Pay ACH Positive Pay Account Reconciliation Tell us about your business and any challenges you're facing Δ Fraud Prevention Frequently Asked Questions What is business fraud protection and why is it important? Our business fraud protection suite includes Positive Pay, Reverse Positive Pay, ACH Positive Pay and Account Reconciliation. Together these solutions put safeguards in-place to make it easier to detect and prevent fraud. This is important because fraud - and check fraud in-particular - continues to grow as a threat to our clients. How does Positive Pay protect against check fraud? Whenever your business issues checks, you will upload a list of the check details into the Positive Pay system. When we receive a check written on your account for payment, we will verify it against the details you provided to us. If there are any discrepancies, we alert you to investigate the check before we pay it. This prevents altered and fraudulent checks from hitting your account and causing fraud losses. What are the best ways to prevent ACH or electronic payment fraud? Consider using ACH Positive Pay from Bank Midwest. This system safeguards against fraudulent activity by filtering or blocking unauthorized electronic transactions. Any item that meets the criteria you establish will automatically post or be rejected based on the filters or blocks that you set up. We will also help your business identify and report fraudulent and unauthorized payments. Other best practices include: Verify any electronic payment instructions from your vendors by calling your account rep or using a known phone number to confirm the details. Don't simply trust an email or postcard that appears to be from your vendor. Creating a foundation of security helps prevent vendor fraud. If you have multiple employees, divide responsibilities so they’re each responsible for different stages of the payment process. For example, one employee could handle vendor setup, another could approve payments, and a third could reconcile accounts. Also known as dual control, this can reduce the risk of fraudulent activities going unnoticed. Educate your employees - They are your first line of defense against vendor fraud. Make sure they know what to look out for and how to respond to suspicious activities. Regular training sessions can help reinforce these practices and keep your team vigilant. Check out our recent blog post to learn more on how to avoid vendor fraud.
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