Stop Check Fraud Now: The Power of Positive Pay

Discover how check washing and fraud schemes threaten businesses, and learn why SecurePay Advantage's Positive Pay solution is your best defense against financial crime.

Don't Let Check Fraud Wash Away Your Profits: The Smart Solution​

​Digital payments may be on the rise, but here's a surprising fact: check fraud remains a multi-billion-dollar problem right now. Why? Because checks still dominate B2B payments, carrying higher dollar values than most electronic transactions. Plus, with remote deposit capture and mobile banking, fraudsters have found new ways to exploit paper checks in our digital world.

The Check Fraud Epidemic

Despite the push toward digital payments, business checks aren't going anywhere soon. They're deeply embedded in accounting systems and preferred for large transactions. In fact, 81% of B2B companies are still primarily using checks to complete transactions despite issues with check fraud. This reality, combined with increasingly sophisticated fraud techniques, has led to a perfect storm. The FBI recently reported a 65% increase in check fraud attempts since 2021, making this age-old threat more relevant than ever.

Common Types of Check Fraud

Check Washing: The Silent Thief
Ever heard of check washing? Fraudsters use common chemicals to erase ink from legitimate checks, then rewrite them for higher amounts or different payees. It's like giving criminals a blank canvas with your signature!

Counterfeit Check Schemes:
Modern technology has made check counterfeiting easier than ever. Fraudsters now use:

• High-quality scanning and printing equipment
• Stolen check stock or convincing replicas
• Real account and routing numbers from stolen checks
• Advanced paper treatments to bypass security features
• Authentic-looking watermarks and security features

 The Power of Positive Pay ​

Positive Pay is your frontline defense against check fraud, which is why it is used by banks everywhere to secure payments. Before check distribution, the positive pay process involves converting each check’s issue-data into your bank’s specific format and then electronically transfers those files to your bank. Checks presented for payment are then compared with the data from your check-issue file. If any irregularities are found, the bank notifies you for check verification to stop fraud before it starts.

Here's how it works:

• You send your bank a list of checks you've issued
• The bank compares every check presented against your list
• Any mismatches are flagged for your review
• You decide whether to pay or return suspicious checks
• Real-time protection against altered and counterfeit checks

Why SecurePay Advantage?

SecurePay Advantage takes Positive Pay to the next level by automating the entire process:

• Automatically converts your check files to your bank's format
• Eliminates manual file preparation and formatting errors
• Works with any accounting system you already use
• Transmits files securely to your bank's system in the correct format
• Provides real-time alerts and detailed audit trails
• Simplifies exception review and decision-making

SecurePay Advantage makes check protection simple, fast, and effective. SecurePay advantage works with all accounting applications, converting and transmitting files in formats that meet your bank’s requirements. The best part? SecurePay Advantage only takes about 15 minutes to install.

Take Action Now

Don't wait until fraud hits your bottom line. SecurePay Advantage automates your check security, making protection simple and effective. Ready to stop check fraud before it starts? Contact us today and join the ranks of protected businesses.