Chesapeake Bank’s Positive Pay business solution prevents six-figure financial fraud attempts by 2023

In today’s ever-changing business environment, preventing financial fraud is critical for businesses of all sizes. Chesapeake Bank understands the importance of protecting your business assets from ACH and check fraud. In 2023, they proved this by helping customers stop more than $120,000 in fraud through their Positive Pay service. One of their long-term clients, Child Development Resources (CDR), uses this service regularly. CDR Director of Finance Wendy Culverhouse praised the service, saying, “CDR has found Positive Pay to be a very beneficial tool for our organization. Chesapeake Bank provides a second layer of protection through Positive Pay to ensure our The funds were used for our intended purposes. We greatly appreciate Chesapeake Bank’s efforts to protect customers from fraud.” To take advantage of these services, please contact Amber Saloka at (757) 941-1312 or email asaloka@ches.bank.

One of the benefits of using this service is enhanced security. You can flag suspicious transactions based on predefined criteria to stop potential ACH fraud before it affects your account. A daily monitoring system can detect suspicious ACH activity on a daily basis to ensure rapid response. In this way, you can protect your business’s assets and resources by reducing the risk of financial loss associated with fraudulent ACH transactions. In addition, you can protect your company’s reputation and credibility by demonstrating a commitment to financial security and integrity.

With Chesapeake Bank, you can enjoy the convenience of ACH transactions while maintaining the security of your account. You can set custom rules for ACH transactions, including transaction amount, specific merchants, and transaction types. Any ACH transaction that deviates from your established criteria triggers an exception report, which is immediately sent to you for review. You retain full control over the security of your account and have the ability to authorize or return flagged ACH transactions at your discretion. This way, you can prevent unauthorized or fraudulent ACH transactions from impacting your account balance.

ACH Positive Compensation: Strengthening Prevention of ACH Fraud

At Chesapeake Bank, they believe in proactive fraud prevention. Their ACH Positive Pay service helps businesses stay ahead of ACH fraud by letting you set custom criteria for automatic deductions. By setting rules based on transaction amount, specific merchants, and transaction types, you can control account activity and reduce the risk of unauthorized transactions.

Check Confirmation for Payment: Strengthening your defense against check fraud

In addition to ACH transactions, check fraud remains a widespread threat to businesses. Chesapeake Bank’s Check Positive Pay service provides strong defense against fraudulent check activity, giving you the confidence to protect your business’s financial interests.

Chesapeake Bank offers a convenient, secure way to manage your check payments through our Check Positive Pay service. All you need to do is provide them with a file containing details of all checks issued by your business. Their system verifies key details such as payee, issue date, amount, and check number based on the uploaded documents. Any discrepancies or potentially fraudulent checks will be flagged in the exception report for your review. Like ACH Positive Pay, you retain the authority to approve or reject each marked check, ensuring that only legitimate transactions are processed. This way, you avoid the hassle and cost of dealing with unauthorized or altered checks.

Learn more and sign up for Chesapeake Bank today

Don’t wait until it’s too late to protect your business from the damaging effects of scams. Take proactive steps now and sign up for Chesapeake Bank’s ACH Positive Pay and Check Positive Pay services. For more information or to get started, call Amber Saloka (757) 941-1312 or email asaloka@ches.bank. Trust Chesapeake Bank to protect your business’s financial health and reputation. With its comprehensive fraud prevention solutions, you can stay one step ahead of fraudsters and focus on what matters: growing your business with confidence.

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from Tech Empire Solutions https://techempiresolutions.blogspot.com/2024/02/chesapeake-banks-positive-pay-business.html
via https://techempiresolutions.com/

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