Preventing Payment Fraud
By Amanda Hanes, Director of Treasury Management Product & Sales
Keeping your business payments secure is an important part of protecting your day-to-day operations and your financial well-being. As fraud tactics continue to change, having the right tools in place can help you stay a step ahead. Here are three practical solutions that can help your business monitor activity, reduce risk and feel more confident about every transaction.
Match issued checks with Check Positive Pay
Check Positive Pay can help you keep a closer eye on checks issued by your business. By comparing checks presented for payment against the details you have provided through Digital Banking, this service helps identify exceptions before they clear your account. That means you have the opportunity to review suspicious items and make informed decisions, which can help reduce fraud and add peace of mind to your payment process.
Stay on top of ACH activity with ACH Positive Pay
ACH Positive Pay helps your business monitor incoming ACH debits more closely. By setting rules for approved originators and reviewing transactions that fall outside those parameters, you can spot unexpected activity before it impacts your account. It is a simple way to add more oversight to electronic payments and help protect your business from unauthorized withdrawals.
Share a UPIC instead of your account number
A Universal Payment Identification Code, or UPIC, gives your business a safer way to receive ACH credit payments without sharing your actual bank account and routing number. A UPIC is a masked account and routing number that can be included on invoices or posted on your website, allowing customers to make electronic payments while helping protect sensitive banking information. Because a UPIC is designed to receive funds and cannot be used to initiate debits, it can also help lower the risk of unauthorized transactions.
Match issued checks with Check Positive Pay
Check Positive Pay can help you keep a closer eye on checks issued by your business. By comparing checks presented for payment against the details you have provided through Digital Banking, this service helps identify exceptions before they clear your account. That means you have the opportunity to review suspicious items and make informed decisions, which can help reduce fraud and add peace of mind to your payment process.
Stay on top of ACH activity with ACH Positive Pay
ACH Positive Pay helps your business monitor incoming ACH debits more closely. By setting rules for approved originators and reviewing transactions that fall outside those parameters, you can spot unexpected activity before it impacts your account. It is a simple way to add more oversight to electronic payments and help protect your business from unauthorized withdrawals.
Share a UPIC instead of your account number
A Universal Payment Identification Code, or UPIC, gives your business a safer way to receive ACH credit payments without sharing your actual bank account and routing number. A UPIC is a masked account and routing number that can be included on invoices or posted on your website, allowing customers to make electronic payments while helping protect sensitive banking information. Because a UPIC is designed to receive funds and cannot be used to initiate debits, it can also help lower the risk of unauthorized transactions.
Small steps can help make a big difference
When it comes to payment security, small steps can make a big difference. Tools like Check Positive Pay, ACH Positive Pay and UPIC can help your business better manage risk while keeping payments moving.
When it comes to payment security, small steps can make a big difference. Tools like Check Positive Pay, ACH Positive Pay and UPIC can help your business better manage risk while keeping payments moving.
To learn more about fraud prevention tools and ways to help protect your business accounts, explore resources found on Five Star Bank’s Fraud Mitigation Tools page.
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