Security & Fraud Prevention
Business account fraud is on the rise, statistics show U.S. Businesses will lose on average 5% of gross revenues to fraud. At WaFd Bank we believe prevention is the best approach. Below are some of the solutions available to help protect your business.
Benefits of Wafd Bank's Fraud Protection Services Include:
- Mitigate risk of check fraud
- Reduce risk of unauthorized ACH transactions
- Increased internal controls for businesses
- Peace of mind
Prevent fraud before it happens with WaFd Bank's Positive Pay options:
Check Positive Pay
How does it work? By providing a file of checks issued, the positive pay system will compare checks clearing your account to the list of items issued. Whether you are using Payee Positive Pay or Traditional Positive Pay, item validation at the teller window is included, stopping fraud before it occurs.
For our small business clients, instead of providing a list of issued items, Check Validation (aka. Reverse Positive Pay) reports all checks that are presented for payment as exceptions for you to review and decide if they should be paid or returned.
ACH Positive Pay
You set the rules. As ACH items are presented, you determine if the item is ok to pay. Set your rules for one-time transactions or recurring. Have an account which should not receive electronic payments? Let us know and we can block all electronic items from posting to your account.
For more information about our commercial accounts and services, talk with one of our knowledgeable Commercial Bankers.