Combatting the Rise of Business Check Fraud

Businesses across our community are facing a growing threat: business check fraud. This deceptive tactic, where fraudsters intercept mail and manipulate checks to siphon funds into their accounts, poses a significant risk to the financial stability of local businesses. As concerns rise over the prevalence of this sophisticated fraud scheme, businesses must take proactive steps to protect themselves and their financial interests.

To shield your business from such fraudulent activities, it’s essential to be proactive and implement effective safeguards. Here are some recommended precautions:

1. Monitor Accounts Regularly: Utilize online banking channels to monitor your accounts daily. Prompt detection of suspicious activity can help prevent potential losses.
2. Opt for Secure Mail Services: When sending checks, use secure mail services to minimize the risk of interception or theft during transit. Ensure checks are securely sealed and delivered directly to intended recipients.
3. Prefer ACH Transactions: Consider utilizing ACH payments whenever possible as a secure alternative to traditional check payments. ACH transactions offer efficiency and security, reducing the risks associated with physical mail.
4. Enroll in FFSB Positive Pay: Explore the benefits of enrolling in FFSB Positive Pay, a service that provides enhanced controls over check payments. With the ability to monitor and approve checks before processing, this proactive measure adds an extra layer of security against unauthorized transactions.

If you suspect your business may have fallen victim to check fraud or encounter any suspicious activity, don’t hesitate to reach out to your Commercial Loan Officer or our fraud department immediately at (812) 492-8200. Our dedicated team is here to assist you in navigating these challenges and ensuring the integrity of your accounts.