Cash Management Solutions for Fraud Protection
Washington Trust's Fraud Protection Services help minimize your organization's risk of becoming a target of fraud. While checks remain the payment type most susceptible to fraud, instances of ACH fraud continue to grow.
We offer these effective solutions to help safeguard your accounts against fraud:
Positive Pay for Checks
- Traditional (System matches check number & amount)
- Payee (System matches check number, amount & payee)
- Customer uploads and submits their issued check files to the Bank
- Customer receives email notification of exception items and decides to pay or return the checks
ACH Positive Pay
- Allows only authorized electronic debits/withdrawals. A list is provided by the customer
- Customer receives email notification of unauthorized transactions pending
- NOTE: A business has two days to return unauthorized ACH transactions
Best Practices for Fraud Protection
Washington Trust's Business Online Banking has the tools you need to help keep your business safe from fraud.
- Access your account information conveniently any time of day
- Monitor Daily Balances & Daily Transactions
- Set Balance Alerts (more detailed transaction activity alerts are planned for future product enhancement)
- Set "Dual Control" for ACH & Wires transmitted through Online Banking
- Maintain System Users & protect credentials
- Consider designating an end-user to monitor and report balance and transaction activity, without the ability to transfer funds or initiate payments
- Consider using ACH Origination to pay employees & vendors
Develop a strategy for detecting and preventing payment fraud
Email us at BusinessAnalysisSupport@washtrust.com to get started, or visit our contact page for all ways to get in touch.