The Best Fraud Prevention Package For Your Business
Preventing fraud is important for every business. Find out which prevention package is right for you.
Investing in a fraud management package is one of the most important steps a business can take to help safeguard their assets and customers' identification.
The 2018 Global Fraud and Identity Report published by Experian® found 63% of businesses experienced the same or more fraud losses over the course of 2018. This number is no doubt high, but also doesn't account for instances of fraud that may have gone unnoticed or unreported.
Email compromises and phishing scams are, unfortunately, becoming more sophisticated in order to hack users' financial information to make fraudulent purchases, the ABA Banking Journal explained. To protect your business and your customers' assets, having a fraud management system in place is not an option, it's a necessity.
With multiple options available, here are the fraud prevention product packages that put you in control of managing debits from your account to help detect fraudulent activity before it happens.
Fraud Management Solutions* from Vectra Bank
Basic Package: Small businesses with low check volumes can benefit from Reverse Positive Pay and ACH Positive Pay. Reverse Positive Pay gives your business access to review front and back images of all checks presented for payments, enabling early detection and return of unauthorized checks in an online environment,
ACH Positive Pay allows you to review all ACH (Automated Clearing House) debits and "accept" or "reject" each debit. You can also manage debts that you want to allow in the future to save time.
Standard Package: Includes ACH Positive Pay as well as Image Positive Pay, which allows you to review front and back images of mismatched checks identified as "exceptions" to enable early detection and return of unauthorized checks.
Premium Package: An enhanced version of the Standard Package includes ACH Positive Pay and Payee Match Positive Pay. This inclusion has an added feature that supports matching of the payee name on all checks submitted for maximum fraud protection.
Having strong internal controls in the place is the best way to prevent fraud before it occurs.
Depending on your business's needs, these fraud protection packages can help strengthen internal controls, to combat external and internal threats of fraud. In government agencies alone, 30% of all fraud instances occurred due to a lack of internal controls last year, explained the 2018 Global Study on Occupational Fraud and Abuse.
Of course, a business should always be taking other measures to help protect against the growing risk of fraud. It is indeed a crime of opportunity, and Nationwide® has suggested businesses also conduct extensive employee background checks and safeguard all computer systems. Not all fraud is external, a significant portion is occupational or employee fraud. All together, the Association of Certified Fraud Examiners found that fraud costs organizations 5% of their revenues each year.
Take control of your fraud prevention and management today to help protect your business and customers from financial losses. For more information about fraud prevention packages and more fraud prevention tips, reach out to your local Vectra Bank representative today
*Treasury Management Products/Services: Certain Treasury Management products/services may be subject to credit approval and agreement. Fees may apply. Contact your banker or Treasury Management officer for details.
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