Every year millions of dollars are stolen or embezzled from corporate America. One way the criminals accomplish their mission is by counterfeiting or changing valid checks that were written on corporate accounts. Another problem confronting companies is stolen blank check stock. When checks are presented to the bank for clearing, if the bank can’t visually see a problem in the appearance of the check, they have no way of determining that it has been altered and what the original information should have been.
In response, a program has been implemented by banks allowing companies to provide their bank with a file containing a complete list of their valid check data. If the check is not in the file, it doesn’t clear the bank! This virtually eliminates the problem of stolen or counterfeited checks. INTERAC software includes positive pay capabilities, so users can take advantage of this powerful security feature.
- Accounts Payable and Payroll utilize Positive Pay to help prevent bank fraud.
- Checks written in Accounts Payable and Payroll are automatically recorded in a file that is uploaded to the bank for clearing verification.
- Different banks use their own specific file format, so the accounting system needs to know which format to use. INTERAC already supports a variety of banks and new formats are added as needed.
Positive pay doesn’t cost anything to implement, but it can save the money and time lost in dealing with check fraud. If you have experienced it, you understand. If you haven’t experienced it yet, it’s only a matter of time. Take full advantage of this important security measure and protect your company.