As technology continues to advance, fraud schemes have become increasingly sophisticated and criminals are continually evolving phishing techniques to compromise account information – with businesses becoming their prime target. And with inexpensive, high quality computer and printing technologies readily available, it’s easier than ever for criminals to use compromised account information to create counterfeit checks.
We’re pleased to offer a new service to business customers to help mitigate the risk of check fraud – Positive Pay. Positive Pay allows for increased communication between your business and the Bank, so that we can do the best job possible to protect your checking account(s). We will compare the account number, serial number and amount of checks presented to the register you provide us. If a match isn’t found, we’ll give you the opportunity to decide whether or not the item should be paid.
How it works:
- Each day, your business electronically submits a list of checks you have issued to the Bank
- Each night, we’ll compare any incoming checks against your issued check file
- If a check does not match the file or has already been paid previously, you will receive an exception report and have the opportunity to decide whether or not the check should be paid
- Additionally, if someone comes in to a MVSB branch to cash or deposit a check that doesn’t match the file you sent us, we’ll attempt to reach out to you to confirm authenticity
What are the benefits?
- Confidence that your business is using the latest technology to reduce the likelihood of counterfeit, duplicate, forged and altered checks
- Less time inspecting checks that have cleared your account and researching or collecting on incorrectly processed items
- Reduced exposure to check fraud and lower risk of loss
- Peace of mind that you’ll be notified if a check is presented that doesn’t match your register
To learn more or to sign up for this service, please contact a member of the Business Team. Additional fees apply.