Check fraud is one of the greatest challenges facing business and financial institutions today. In fact, nine out of ten organizations that experienced attempted or actual payments fraud in 2009 were victims of check fraud.
As an industry leader in fraud protection, we can help protect your organization from this costly crime with a range of services designed to help guard against check fraud.
One of the strongest defenses available to prevent check fraud is Positive Pay. It enables you to monitor and control the checks presented against your accounts so that only authorized items are paid. We'll uncover any payments that do not match your issue file and flag them as exceptions. Any exception items are available each morning via J.P. Morgan's Payables Web Services (PWS) for a pay or return decision.
With altered payee check fraud on the rise, our advanced Payee Verification feature enhances traditional Positive Pay by identifying potential fraudulent checks when the payee name has been changed. You provide each payee name in a 50-character name field (or 100 characters in two short lines) as part of your check issue file and we'll compare them to the payee names on the presented checks. We'll identify and report payee name exceptions as part of the positive pay review for your decision to pay or return the items.
Reverse Positive Pay
Reverse Positive Pay is an affordable check fraud protection solution that does not require you to upload or key in the details of your written checks. If you want to self-identify your company's discrepancies and then advise us of your return instructions, Reverse Positive pay is an effective alternative to our Positive Pay service. Each day, we'll send you a file of presented checks that you'll match against your company's check issue database. If you identify discrepancies, you can investigate them by viewing images of questionable checks online via Payables Web Services and then pay, return, or adjust the dollar amount or check number of items as needed.
Post No Checks
If you have a business account dedicated to electronic payments (ACH or wires) or depository (Lockbox), you will benefit from our new Post No Checks service. Post No Checks prevents all check debits from posting against your account automatically - no monitoring required.
With Check Cashing controls you can prevent non-chase account holders from cashing your checks at J.P. Morgan Chase branches, or set a dollar limit for the maximum amount that can be cashed by non-account holders.
|AFP: Payments Fraud and Control Survey Results News Release
13th Annual 2012 Online Fraud Report
Learn the latest in online payment fraud trends, merchant practices and benchmarks.
Courtesy of CyberSource Corporation
Payments Fraud Information Resources
Download this valuable list of industry and government information-sharing resources on payments fraud.
Courtesy of Federal Reserve Bank of Minneapolis