Check Fraud: Positive Pay [Stop Losses]

Positive pay is accurately touted as the best protection against check fraud. Positive pay is a fraud prevention service offered by banks. In addition to plain positive pay, there are variants including payee name positive pay and reverse positive pay – all of which are
explained in this short piece. #positivepay #fraud #accountspayable

Depending on what your situation is, positive pay, payee name positive pay or reverse positive pay will help you protect against the criminals who persist in trying to defraud your organization by either manipulating a check you wrote or creating a completely phony one. Check fraud continues to be a huge issue and the best way to protect against it is to use positive pay. Positive pay is a product created by banks to combat horrific amounts of check
fraud thirty or more years ago. It works.

Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. For many organizations, the review of expense reports and the requests for reimbursement of expenses, is handled in accounts payable. For the accounts payable process to work well, best practices for AP should be used. By their very nature, accounts payable best practices incorporate strong internal controls and avoid AP control weaknesses.

Link to Check Signing: Worst Practices
https://youtu.be/YYB-ZvQZ1Fo

Link to AP Now’s Invoice Series
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

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Learn more about AP Now at www.ap-now.com

Host: Mary Schaeffer (www.ap-now.com)