You don’t need be one of the victims of check fraud which impacts corporate America every year. Criminals too often accomplish their mission is by counterfeiting or changing valid checks that were written on corporate accounts. When checks are presented to the bank for payment, if the bank can’t visually see a problem with the check, they have no way of determining that it has been altered, or what the original information should have been.
In response, most banks have implemented electronic reconcilement programs, 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 in both Accounts Payable and Payroll, so users can take advantage of this powerful security feature.
Positive pay can save both 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.