Fraud Protection
9/29/2022
Fraud protection with Positive Pay: Add an extra layer of security and reduce fraud risk by enrolling in Arkansas Federal’s Positive Pay. Enjoy peace of mind—delivered daily—knowing that you can mitigate risk, reduce losses, and increase account security.
Features & Benefits
Flexibility
Identify fraud more quickly and enjoy the flexibility to set payment rules using filters and blocks that work for your specific business.
Peace of Mind
Ensure only valid transactions occur and receive alerts when a transaction doesn’t meet your predetermined criteria.
Protection
Review ACH and check transactions to detect unauthorized payments to your account.
More Great Benefits
Fraud Protection
Positive Pay can identify check and ACH discrepancies and irregularities, compare them with your authorized list to help protect you from fraud.
Reporting Tools
Positive Pay offers useful reports to track check and ACH payments, including exception reports for unmatched checks or ACH payments and issued reports for a list of all payments issued by your business.
Timely Notification and Resolution
Positive Pay provides timely notification if a discrepancy in check or ACH information is detected, allowing you to take swift action to verify the payment’s authenticity.
Compliance and Regulatory Standards
Positive Pay can help your business comply with finance controls and help protect your business from fraud. This can reduce penalties and increase confidence in your operations.
Liability Shift
Without Positive Pay, you, the business owner, are typically responsible for honoring fraudulent payments. With Positive Pay, though, liability shifts to the paying bank or the party presenting the fraudulent check or ACH. This reduces financial losses and provides extra protection against fraud.
Enhanced Reputation and Trust
By actively prioritizing financial security, you’re helping to develop and strengthen your reputation while also building trust with important stakeholders, including customers, suppliers, and partners.
Why Choose Arkansas Federal for your Business Banking?
Our Treasury Management Department collaborates closely with businesses to ensure that their challenges are addressed in an efficient manner. We offer a range of services, including single-source access, personalized assistance, and time-saving products, to provide every business with thorough, round-the-clock banking solutions that work whenever they need them.
Unlike bigger banks, we provide businesses with a direct line of contact to a dedicated professional for all their treasury management requirements. Our professionals are readily available to address concerns and answer questions promptly, ensuring that businesses receive the attention they deserve.
Getting Started
There are two options to choose from—Check Positive Pay and ACH Positive Pay. Choose one or both, based on your business needs.
How Check Positive Pay Works
- Create an online file with each check’s serial number, dollar amount, and status.
- Arkansas Federal will verify the checks and notify you by email and text if any records do not match
How ACH Positive Pay Works
- Create a list of companies that are approved to debit your account and a list of those that aren’t.
- Arkansas Federal will notify you by email and text if any unapproved company debits your account.
Contact us at 800.456.3000 or visit a location near you to learn more or sign up for Positive Pay.
*Positive Pay available beginning October 21, 2022. Requires enrollment in Business Online Banking. For additional information, refer to disclosures at account opening and the Business Schedule of Fees.
Links & Other Resources
- Online Banking Business User Guide
- Positive Pay User Setup Guide
- Online Banking
- Authorized User
- Bill Pay
- Required Documentation
Frequently Asked Questions
What are the risks of electronic payment fraud for businesses?
Electronic payment fraud can be a real headache for businesses, leading to unauthorized transactions, financial loss, and damage to your company’s reputation. Common types of fraud include phishing, account takeover, and check fraud. These risks can disrupt operations and lead to significant financial and legal consequences.
How can my business partner with Arkansas Federal to manage payment fraud risk?
Partnering with Arkansas Federal is a smart move to tackle payment fraud. We offer tools like Positive Pay to help you keep an eye on transactions and ensure they’re legitimate.
What is Positive Pay?
Positive Pay is like a security guard for your checks and payments. You provide us with a list of authorized transactions, and we make sure that only those transactions are processed. It helps catch any discrepancies and prevents unauthorized payments from going through.
What are the best practices for managing payment fraud risk?
To stay ahead of payment fraud, follow these tips:
- Implement Positive Pay to verify the authenticity of checks.
- Regularly review and update security protocols.
- Conduct employee training on fraud awareness.
- Use secure payment channels and technologies.
- Monitor transactions and account activity consistently.
What should I look for in a fraud protection service?
When choosing a fraud protection service, look for advanced detection tools that can identify and prevent fraud before it escalates. Quick and helpful customer support is also essential, so you can get assistance when you need it. Additionally, ensure the service integrates seamlessly with your existing systems. With these features, you can keep your business secure and enjoy greater peace of mind!