Payments Fraud - Wells Fargo Commercial

Payments Fraud

    

Despite frequent fraud attempts, many businesses do not suffer financial losses because they implement strong fraud protection strategies. Is your organization protected?

Check fraud

Checks continue to be the payment method most often exposed to fraudulent activity. If your company writes checks, we recommend you place the following services on all your checking accounts:

  • Positive Pay systematically compares checks presented for payment to your issued-check files to detect serial numbers and dollar amounts that don’t match.
  • Payee validation and payee match identifies payee names that have been altered.
  • Reverse Positive Pay is an alternative to positive pay services for companies unwilling or unable to transmit issued-check files to Wells Fargo. You get the opportunity to review checks presented for payment and determine if they should be paid or returned.

ACH fraud

If you make ACH payments, these services can help protect you:

  • Wells Fargo ACH Fraud Filter – The "Stop" service automatically stops all ACH debits – except those you specifically pre-authorize – from posting to your accounts. The "Review" service presents transactions to you for pay or return decisions.
  • Perfect Receivables® service – If your company has a high volume of electronic receivables, reduce the risk that your account number will fall into the wrong hands. The Perfect Receivables service protects your account by providing "proxy" account numbers for your customers to use when remitting ACH and wire payments to you.

Report Fraud

Act fast and follow these important steps immediately if you think you or your company might be the victim of a fraud or attempted fraud.

Treasury Insights

Visit Treasury Insights for tips and best practices on how to help protect your company from the threat of fraud.