Are your business checks safe?
Talking about cybersecurity is easy for us for many reasons not least of which is the reality is that it impacts everyone's life both personally and professionally every day. But a topic often overlooked is the security of your business checks. Have you heard of positive pay? What is positive pay you ask?
"Positive Pay is an automated fraud detection tool offered by the Cash Management Department of most banks. In its simplest form, it is a service that matches check information of each check presented for payment against a list of checks previously authorized and issued by the company."
We realize that many companies today pay vendors and others either via online bill pay through their bank or via ACH but many businesses still issue and send out paper checks via US Mail.
We are well aware of firsthand experiences by businesses who have had checks intercepted and modified for malicious financial reasons. Are you protected? Are you 100% certain? If you have any doubt please talk to your commercial banker immediately and if he/she is not personally familiar with Positive Pay please find a new bank without delay!