Despite frequent fraud attempts, many businesses do not suffer financial losses because they implement strong fraud protection strategies. Is your organization protected?
If your company writes checks, put 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 identify 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.
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.
Commercial card fraud
The best defense against commercial card fraud combines up-front controls, education and training, and regular compliance monitoring. Use these ten best practices (PDF*) to help protect your company from commercial card fraud. Wells Fargo makes it safer to purchase online with MasterCard SecureCode and Verified by Visa purchasing protection.
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Regulation E - This Regulation outlines the rules and procedures for electronic funds transfers (EFTs) for consumers. Please note: The protections and deadlines included in Regulation E do not apply to business accounts. It only establishes rights, liabilities, and responsibilities for consumers transacting business on consumer accounts.
Tip: Make sure to review your accounts regularly and frequently to minimize the risk of fraud.