Safeguarding Against Check Fraud Is More Important For Businesses Than Ever
Zions Bank offers other means to safeguard against common and costly check fraud.
Although business processes are becoming increasingly automated, underneath every transaction there’s still an interaction between at least two people. And because we’re all trying to work as quickly and efficiently as possible, establishing trust with every single person or organization we come into contact with simply isn’t practical.
According to a recent organizational survey, 82% of payment fraud targets checks. The same report also noted that the average financial loss of such fraud is $23,100.1 The point is, it’s impossible to really know, let alone trust, every person who will come into contact with one of your business checks. So, Zions Bank offers other means to safeguard against common and costly check fraud.
Specifically, Positive Pay is designed to assist businesses by limiting their risk and exposure to fraudulent checks and electronic ACH items. With the ability to pay or return items presented for clearing, organizations can gain control over which checks and ACH items post, saving potentially lost money. Most crucially, Positive Pay is a means for proactively managing outgoing funds with peace of mind. Because it’s much more rewarding to be proactive and implement processes to protect against fraud than to waste energy on damage control when a fraudulent check hits your account.
Discover how your business can benefit from working smarter with Zions Bank Treasury Management solutions.
Source: 2014 AFP Payments Fraud and Control Survey (Released 3/14)