Protect your company from fraud by monitoring against suspicious check activity through Positive Pay services. Positive Pay identifies fraudulent items before a payment is issued to help you to reduce the risk of financial loss and minimize disruption to your business.
Here’s how it works:
- Each time you issue checks, you send an electronic file to TowneBank. The file contains individual check serial numbers and amounts.
- TowneBank builds a register from the file you send and compares it to every check presented for payment against the file.
- If any check’s serial number and amount do not match the file you sent, the check is presented as a possible fraudulent item through Business Online Banking for you to make a pay or return decision.
Benefits to your company:
- Detect suspicious check activity
- Expedite identification of fraudulent activity
- Quickly flag items and easily determine whether to make the payment or return the check