Saturday, April 20, 2024

Chesapeake Bank’s Positive Pay business solution prevents six figures in financial fraud attempts in 2023

In today’s dynamic business landscape, protection against financial fraud is paramount for businesses of all sizes. Chesapeake Bank understands the importance of protecting your business assets from ACH and check fraud. In 2023, they demonstrated this by helping customers stop more than $120,000 in fraud before it left their account with their Positive Pay service. This service is used regularly by one of their long-time customers, Child Development Resources (CDR). Wendy Culverhouse, the Director of Finance for CDR, praises the service, saying, “CDR has found Positive Pay to be a very beneficial tool for our organization. Chesapeake Bank has provided a second layer of protection with Positive Pay to guarantee that our funds are being used for the purposes we intended. We greatly appreciate the lengths Chesapeake Bank goes to protect its customers from fraud”. To take advantage of these services, contact Amber Saloka at (757) 941-1312 or email asaloka@ches.bank.

One of the benefits of using this service is enhanced security. You can stop potential ACH fraud before it affects your account by flagging suspicious transactions based on your predefined criteria. The daily monitoring system allows for the detection of suspicious ACH activities on a daily basis, ensuring a quick response. This way, you can reduce the risk of financial loss associated with fraudulent ACH transactions, safeguarding your business’s assets and resources. Moreover, you can protect your company’s reputation and credibility by demonstrating a commitment to financial security and integrity.

With Chesapeake Bank, you can enjoy the convenience of ACH transactions while maintaining your account security. You can set custom rules for ACH transactions, including the transaction amount, specific merchants, and transaction types. Any ACH transaction that deviates from your established criteria triggers an exception report, which is promptly sent to you for review. You retain full control over your account security, with the ability to authorize or return flagged ACH transactions at your discretion. This way, you can prevent unauthorized or fraudulent ACH transactions from affecting your account balance.

ACH Positive Pay: Strengthen Your Defense Against ACH Fraud

At Chesapeake Bank, they believe in proactive fraud prevention measures. Their ACH Positive Pay service helps businesses stay ahead of ACH fraud by allowing you to set custom criteria for automated debits. By setting rules based on the transaction amount, specific merchants, and transaction type, you control your account activity and mitigate the risk of unauthorized transactions.

Check Positive Pay: Strengthen Your Defense Against Check Fraud

In addition to ACH transactions, check fraud remains a widespread threat to businesses. Chesapeake Bank’s Check Positive Pay service provides a robust defense against fraudulent check activity, allowing you to protect your business’s financial interests with confidence.

Chesapeake Bank offers a convenient and secure way to manage your check payments with our Check Positive Pay service. You simply provide them with a file containing the details of all checks issued by your business. Their system verifies key details such as payee, issue date, amount, and check number against the uploaded file. Any discrepancies or potentially fraudulent checks are flagged in an exceptions report for your review. Like the ACH Positive Pay, you retain the authority to approve or reject each flagged check, ensuring that only legitimate transactions are processed. This way, you can avoid the hassle and cost of dealing with unauthorized or altered checks.

Learn more and sign up with Chesapeake Bank today

Don’t wait until it’s too late to protect your business from the devastating effects of fraud. Take proactive steps today by enrolling in Chesapeake Bank’s ACH Positive Pay and Check Positive Pay services. For more information or to get started, call Amber Saloka at (757) 941-1312 or email asaloka@ches.bank. Trust Chesapeake Bank to protect your business’s financial well-being and reputation. With their comprehensive fraud prevention solutions, you can stay one step ahead of fraudsters and focus on what matters: growing your business with confidence.


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