In today’s digital age, paying employees and vendors electronically is core to American businesses; and the threat of cyber-fraud can be very real. In the fight against fraud, we offer a way for businesses to detect fraudulent transactions before they happen - and that is, ACH Positive Pay.
In 2023, 31.45 billion ACH payments were processed by Nacha with a total value of $80.1 trillion. As ACH (Automated Clearing House) payments continue to increase, businesses need the right tools to prevent fraud while still processing ACH payments quickly and easily. This year, ACH credits have surpassed wires as the most vulnerable payment type for business email compromise. Payments made via ACH credits (47%), are often targeted by fraudsters.*
Though secure, ACH’s electronic nature can be an attractive target for cyber-criminals. ACH Positive Pay helps businesses catch fraudulent ACH payments through daily review and disposition of all incoming ACH transactions. ACH Positive Pay sends email or text alerts each business morning that ACH debits/credits are presented on a business account. A business can sign into our Commercial online banking system, Treasury Manager or our mobile app, and access ACH Positive Pay to identify the originator, dollar amount, company description and other pertinent information. Then the business can decide which debits/credits to pay or return.
Each client controls who can work in the system; plus, you can filter transactions for amount, frequency or use an “approved list” of trusted partners. You manage your accounts and specify your own monitoring standards. Learn more about ACH Positive Pay, or contact your relationship officer or treasury sales representative.
*2024 AFP Payments Fraud and Control Survey Report
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