Check tampering is the physical alteration of a check for fraudulent purposes and according to the 2006 Association of Certified Fraud Examiners Report to the Nation check tampering had a median loss of $120,000. Positive pay options are a good defense against check tampering and can come in several varieties.
1. Basic positive pay allows you to send a pre-authorized list of checks for payment to the bank.
2. Reverse positive takes place when the bank notifies you before payment is made on a check.
3. Payee Positive pay occurs when the check number, amount and payee are all confirmed before payment.
4. Image positive pay arranges for an image of the check, front and back to transmitted back to you before payment is made.
The benefits of a positive pay program can’t be overstated; it can allow you to save hundreds of thousands of dollars in both time and money. All it takes is a quick phone call to you bank to find out more.
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