Fraud Prevention for Business
In today’s rapidly evolving digital landscape, safeguarding your business against fraud is more crucial than ever. Cyber threats are on the rise, and businesses need robust solutions to protect their financial assets. At People Driven Credit Union, we offer advanced technological tools designed to help you prevent, recognize, and report scams and fraudulent activities. Our fraud prevention services provide enhanced reporting and simplified transaction monitoring, giving you the controls and protections you need to minimize the risk of financial loss from fraudulent activity.
Protect Your Business with Fraud Prevention Services
- Flexibility: Our system digitally confirms check information to ensure accuracy and prevent discrepancies. This flexibility allows your business to stay agile while maintaining robust security measures.
- Security: With our services, only valid checks get cashed. This means you can rest easy knowing that your business is protected against counterfeit checks and unauthorized transactions.
- Protection: We help prevent unauthorized payments, safeguarding your business accounts from potential threats. By adding an extra layer of protection, you can focus on what matters most—growing your business.
Add an Extra Level of Security with Positive Pay
Our Positive Pay service is a critical tool in your fraud prevention arsenal. Here’s how it works:
- Check File Upload: You upload your check file(s) directly to the credit union, detailing the legitimate checks you have issued.
- Automatic Comparison: When checks are presented for payment, Positive Pay automatically compares each check against the uploaded file. If there is a mismatch, the check is flagged for further review.
- Review and Decision: You will have the opportunity to review any checks that do not match the file, and you can approve or reject potential counterfeit checks before they clear your account. This proactive approach ensures that fraudulent checks are stopped before they impact your business.
By leveraging Positive Pay, you gain control over your business’s check transactions, significantly reducing the risk of fraud.
Take the Next Step in Securing Your Business
Don’t leave your business vulnerable to fraud. Reach out to us today at 248-263-4100 or drop us an email using the contact form below. Discover how People Driven Credit Union’s fraud prevention services can transform your business’s growth journey by adding a powerful layer of security. Let us help you build a safer, more secure financial future for your business.
Contact PDCU Business Services:
Your business deposits at People Driven Credit Union are federally insured by the National Credit Union Administration (NCUA). The NCUA is an independent U.S. government agency that provides deposit insurance backed by the full faith and credit of the United States government. Business accounts are insured up to $250,000 per legal entity. That means if anything were to happen to the credit union, your funds are protected up to that limit at no cost to you.
This coverage is automatic the moment you open an account. No application required. For businesses with larger deposit needs, a PDCU team member can walk you through how account ownership categories may allow for additional coverage across multiple account types. Fraud prevention tools protect your day-to-day transactions. NCUA insurance protects what is behind them.
Connect to learn more about fraud prevention for Michigan businesses
Add another layer of protection with Positive Pay
Positive Pay helps businesses identify suspicious checks and ACH debits before questionable transactions are posted to the account.
Businesses can choose the protection that fits their payment activity:
Check Positive Pay
Check Positive Pay compares checks presented for payment against the check information your business provides.
Each check is matched using information such as the check number and amount. If the information does not match, or a check was never issued by your business, the item is flagged as an exception for review.
Payee Positive Pay
Payee Positive Pay adds another layer of check fraud protection by verifying the name of the payee.
This can help identify checks where a legitimate check has been altered to change who receives the payment.
ACH Positive Pay
ACH Positive Pay helps protect against unauthorized electronic debits.
Your business identifies which companies are authorized to debit each account. ACH debits that are unauthorized or fall outside expected activity can be flagged for review before they post.
How Positive Pay works
1. Send your payment records: Provide PDCU with your issued-check information and identify the companies authorized to debit your accounts through ACH. Check information can be uploaded manually. Businesses submitting larger numbers of items can also transmit the information electronically.
2. Transactions are matched: Incoming checks and ACH debits are compared against the records and authorization information provided by your business. Items that do not match are placed into an exception queue.
3. Review flagged items: Your business reviews exception items online and decides whether each transaction should be paid or returned before the applicable cutoff time. Positive Pay also provides tools that can help businesses monitor and manage exceptions, including:
• A daily exception queue
• Email and text alerts
• Default pay or return settings
• A full audit trail of decisions
Positive Pay pricing
PDCU Positive Pay pricing depends on which services your business uses.
• Check Positive Pay only: $25 per month
• ACH Positive Pay only: $25 per month
• Check and ACH Positive Pay: $50 per month
All PDCU business accounts are eligible.
Contact Business Services to discuss which Positive Pay options make sense for your business.
Frequently asked questions
Check Positive Pay is $25 per month. ACH Positive Pay is $25 per month. Businesses that use both Check Positive Pay and ACH Positive Pay pay $50 per month.
All PDCU business accounts are eligible for Positive Pay.
Businesses can upload issued-check information manually. Businesses submitting a larger number of items can also transmit the information electronically.
Payee Positive Pay adds payee-name verification to the standard check-matching process. This can help identify checks where the payee name has been changed or altered.
The transaction is placed into an exception queue for review. Your business can review the flagged item online and decide whether it should be paid or returned before the applicable cutoff time.
Yes. Positive Pay includes email and text alerts that can notify your business about exception items before the review cutoff.
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Disclosures
Your business deposits at People Driven Credit Union are federally insured by the National Credit Union Administration (NCUA). The NCUA is an independent U.S. government agency that provides deposit insurance backed by the full faith and credit of the United States government. Business accounts are insured up to $250,000 per legal entity. That means if anything were to happen to the credit union, your funds are protected up to that limit at no cost to you.
This coverage is automatic the moment you open an account. No application required. For businesses with larger deposit needs, a PDCU team member can walk you through how account ownership categories may allow for additional coverage across multiple account types. Fraud prevention tools protect your day-to-day transactions. NCUA insurance protects what is behind them.
