Did you know that a resulting loss could be your responsibility? Only you know what checks you have written. But there are ways to protect you and your money, and we can help.
West Michigan has seen an increase in mail fraud, where checks are stolen from businesses' mailboxes. The account information on the checks is used to commit fraud resulting in thousands of dollars of losses for local businesses.
There are multiple ways you can protect your account. You can look at your account daily to ensure that only checks you have written are clearing your account and notify us immediately if a fraudulent item is presented. We have a very short timeframe where we may return a check or ACH. If we are notified beyond the timeframe, your company will likely incur the loss.
There are insurance coverages that you can purchase through your insurance provider to help recover from a fraudulent loss.
A third option is we offer a Positive Pay solution. Our Positive Pay solutions provide a way to catch check and ACH fraud before the funds are stolen. Our customers who utilize Positive Pay have prevented more than $750,000 in fraud losses in 2022 alone, including individual fraudulent transactions as large as $60,000!
Attempts at account fraud are becoming more common and more sophisticated. As your bank, we want to help be proactive in fighting fraud.
Fraud Prevention Services
For more information about the fraud prevention services we offer, connect with one of our local Treasury Management experts by calling
(616) 494-1455,
(616) 233-3427or visiting our Fraud Prevention Services page.
Fraud Prevention Services