Treasury Management: Protect Your Business From Fraud

No business is immune to fraud attempts, but the best defense is a great offense. Diligently reviewing your business account transactions on a daily basis helps minimize the potential loss due to fraud. In addition, Busey offers multiple fraud protection solutions to our Treasury Management clients, including our Positive Pay Solutions for checks or ACH. Positive Pay provides a simple and efficient way to minimize your vulnerability to fraud.

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Please contact your Busey Relationship Manager or Treasury Management Specialist with any questions or for additional details on our fraud protection solutions.

Complete our contact form and a member of our Treasury Management team will be in touch to discuss available options.

Check Positive Pay Solutions

  • Traditional Positive Pay: With Busey’s Business Access online banking portal, you upload information detailing the checks written off your business account(s). As checks clear against the account, information is compared to what posts. You are notified of any exceptions and able to review each item. From there, you can either pay or return the questioned checks.
  • Payee Match: A Traditional Positive Pay add-on, Payee Match reads your payee information from issued checks to the payees on each item presented and alerts you to any exceptions. Payee Match identifies if a payee has been changed after you’ve issued the check.
  • Reverse Positive Pay: Reverse Positive Pay is the easier way to protect your accounts against unwanted items clearing from them. There is no file upload—instead all checks posting against your business account become exceptions and Busey will notify you via e-mail. You can then log in and review each item that has posted against the account. Any unauthorized payments can be returned from the online portal. For checks that you recognize, there is no action necessary on your part—Busey will make sure they are paid.
  • Check Block: Check Block prevents any checks from posting against a designated account. If your business has an account that will never need a check written off it, Check Block will automatically reject any check presented without any interaction on your part.

ACH Positive Pay Solutions

  • ACH Positive Pay: ACH Positive Pay automatically allows “authorized” transactions to post and blocks unauthorized items. If an item is presented that is not on your company’s authorized list, we will notify you via e-mail. On Busey’s Business Access online banking platform, you can review the unauthorized items and decide whether to allow them to post or return the item to sender. Busey will update your authorized list based on your requests to keep the authorized payees up to date.
  • ACH Debit Block: If your account should never have an ACH debit posted against it, ACH Debit Block will automatically block any ACH debit attempt and return it without any interaction from you.

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Additional Considerations

Unlike the extended time frames consumer accounts benefit from the mandated consumer-protection laws, business accounts have a significantly shorter window to dispute unauthorized items related to fraud.
In addition to diligently monitoring your accounts, a heightened level of suspicion goes a long way in preventing fraud. For any changes related to your business banking process, question everything. For example, if a vendor that you’ve worked with for 20 years sends an e-mail stating they’ve changed their banking relationship, leverage that relationship and call the vendor using a known number to verify that the request is valid and ask them to confirm their information. Doing so could save both you and the vendor from fraud.
Check transactions daily. Make sure your business is enrolled in online banking and make checking transactions someone’s daily responsibility. Waiting until a monthly statement arrives allows for too much time to reasonably recover any lost funds and certain ACH debits only allow a 24-hour dispute time for business accounts. Once the 24-hour timeframe elapses, the bank that received the stolen funds has no obligation to return them.
Question everything. Whether it is a vendor changing their banking information or an unrecognized debit against your account, research the situation and verify the validity.

Keep IT maintenance up to date. Ensure that your company data is protected by doing regular sweeps of any device that is connected to the internet. Hackers can access vital information and overtake e-mail accounts once they gain access to your systems.

Add Fraud Mitigation Tools. Help protect your accounts with Busey's Positive Pay Solutions for checks or ACH. Positive Pay provides an efficient and simple way to minimize your vulnerability to fraud.

Visit our Money Matters blog which discusses valuable fraud prevention tips.