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The Benefits of Positive Pay

We seem to be living in the golden age of fraud. Scams come at us from so many directions—phone calls, emails, text messages, and more—it’s hard to keep up. Just when you think you’ve mastered the latest trends, cybercriminals and fraudsters change their tactics. And while you may only see big-name companies in the headlines, small businesses are actually the most targeted group for cybersecurity breaches and fraud

Checks are the most popular form for B2B transactions and 93% of business fraud cases involve a check.

When it comes to check tampering, you may think the popularity of electronic payments has reduced the threat of check fraud. However, 71 percent of organizations become fraud victims each year and 93 percent of those cases involve checks. The counterfeiting of checks is on the rise due to advancements in color copying and publishing technology.  

Is your business protected from fraud threats?

One of the reasons small-to-medium-sized businesses are such an attractive target for fraudsters and cybercriminals is their lack of protection relative to larger companies. Without a full IT department, you may not feel you have the resources to invest in adequate defenses for your company. Luckily, your local business banking partner offers a convenient and efficient solution to check fraud. Consider it insurance against the average 5 percent of gross revenue American businesses risk losing to fraud every year. 

What is Positive Pay?

Central Bank offers Positive Pay in our suite of Treasury Management services, all designed to help you get the most out of your money. With Positive Pay, you can automate fraud detection. Your company simply provides a list of issued checks each day (or on the days checks are written). When your corporate checks are presented for payment, the bank will confirm the validity of each check by comparing it against your official list. Any checks that don’t match will be sent back to you for review before they are cashed. This gives you the opportunity to reject fraudulent checks before the funds are withdrawn from your account. 

Benefits of Positive Pay

  • Convenient: It’s an automated tool that confirms checks digitally. You send the list of issued checks electronically, simply recording them as they are written. 
  • Controls against fraud: Don’t get wiped out from internal or external check fraud. Positive Pay ensures that only valid checks get cashed.
  • Verification: By verifying each check, you also receive protection from lost, stolen, or duplicate checks.

Add Positive Pay to your business account

Central Bank has been serving Houston-area businesses since 1956. We offer personalized relationship banking and individual solutions to your financial needs. Protect your hard work against the rise of check fraud. Watch a positive pay demo or speak to one of our business bankers to learn more. 

Central Bank is passionate about security.