1. Positive Pay (aka ‘Safe Pay’) (Fraud Prevention)
Positive pay is the process whereby banks only cash checks if they are matched to an approved list. Any checks presented that are not on the list will not be honored by the bank, preventing fraudulent check cashing. Note however, Positive Pay does not detect unauthorized electronic transfers.
2. Daily Bank Reconciliations (Business Efficiency & Fraud Protection)
Fraudulent cyber transactions (ACH transfers, malware hacking, phishing, etc.) are a problem today. If you wait until month-end to reconcile your accounts, you will likely not catch fraudulent transactions in time (There are no legal