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The cost of fighting fraud is rising for businesses.
In 2022, 65% of businesses were victims of payment fraud attacks/attempts. Nearly half (44%) of these victims were unsuccessful in recouping any stolen funds, and most organizations recouped less than 10%.
Checks, the most susceptible payment method to fraud, caused a staggering $177.4 million in losses in 2023 (a significant increase from $153.4 million in 2022). Furthermore, 64% of individuals reported facing check fraud in 2022, highlighting the widespread nature of this issue.
With the rise of check fraud comes an urgent need for robust security measures and innovative technologies to detect, prevent, and combat this growing threat.
Positive Pay is a powerful tool in the fight against check fraud. It is an automated technology that vigilantly monitors checks. With Positive Pay, you can reject unauthorized transactions and identify potentially fraudulent payments, giving you the control to approve or reject them.
In addition, Positive Pay allows you to easily and efficiently research and reconcile issued checks across all your accounts.
Most of us have security systems to safeguard our valuables, such as our cars, homes, smartphones, and tablets. Positive Pay is a security system for your checking account. You get the peace of mind of knowing that you and only you issued a check that cleared your account.
The rise of sophisticated cyber threats has propelled Positive Pay to the forefront. It is a formidable deterrent against check fraud and protects you from potential financial losses.
In an environment where cyber criminals are perpetually refining their tactics, it's imperative to maintain a proactive stance. Bolstering your defenses against fraud and malicious actors is not merely a decision but an essential prerequisite for your ongoing prosperity.
Please contact your local Better Banks branch for information regarding Positive Pay and our other Cash Management Services.
