According to the 2021 AFP Payments Fraud Survey, payments fraud reached a new high and a record 74% of all organizations were hit by payments fraud last year. Alleviating fraud should be top-of-mind for businesses and organizations should actively implement controls to reduce the chance for fraudulent activity. We’re here to help. Below are 4 tips to prevent business payment fraud.
1. Request One Of InBank’s Daily Reporting Options
Utilize Direct Connect, downloadable reports or other options to reconcile your accounts daily. Daily reconciliation will alert you immediately of any suspicious activity or transactions.
2. Ask InBank About Fraud Mitigation Products
To safeguard your money, we recommend both Check and ACH Positive Pay. These fraud tools will monitor accounts for you, significantly reducing the risk of financial loss. If fraud occurs, simply utilize the system to return the fraudulent items and funds will be credited back to your account immediately. A new account is not required, which helps avoid potential business disruptions.
3. Request a Review Of Your Payments Strategy
ACH Origination or Virtual Credit Card Payments can be more cost effective, timely and help reduce fraud risk.
4. Consider Using InBank’s InPayables Program
InBank’s InPayables platform interfaces with your existing accounting system to create an automated payment strategy while streamlining positive pay and reconciliation files that saves your company time, money and significantly helps reduce the risk of fraud.