Be Positively Sure to Avoid Check Fraud

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. 

 

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