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Protect Your Business from Check Fraud

February 14, 2018|By Tom Moreno Jr., Executive VP of Technology and Operations

News 4 San Antonio asked me to give insights on potential check fraud associated with “lifted signatures and routing information from checks, with the information used to fraudulently create counterfeit checks”. I’m encouraging San Antonio businesses to be vigilant.

Why Businesses Are Vulnerable

Businesses are targeted because they handle more money and have a higher volume of transactions flowing through their bank accounts, making it easier for a forged check to clear without raising a red flag. Fraudsters will also try to deposit a check via smartphone and then cash the original check, potentially receiving double credit. Even if a business can prove fraud, financial institutions have a small window of time (24 business hours) to return the check. After that, the item cannot be returned.

Your Defenders Against Fraud

At The Bank of San Antonio, we can detect fraud patterns early and keep you up-to-date on suspicious activity. This allows you to focus on what’s important — taking care of business. We provide first-class fraud protection solutions such as:

  • Automated Clearinghouse (ACH) Filter: We monitor and compare all withdrawals attempting to post to your account to your list of authorized entities. Any unauthorized withdrawals will be immediately returned at your direction and you will be notified.
  • Image Positive Pay with Payee Verification: We monitor and compare all checks attempting to clear with your list of issued checks. If there are exceptions, you will receive an image through your banking portal. Through the banking portal, you can give us return or pay instructions. We also compare the payee name on checks clearing your account to your list of issued checks to alert you of altered checks.
  • Dual Control: This is a recommended service, which includes ACH, wires and bill pay. Through the secure banking website, payment is initiated when two separate authorized users approve the payment. This service greatly reduces the possibility of a payment being made by a fraudulent third party.

Our fraud protection services are available to clients at no cost. If you’d like to learn more, reach out to our Executive VP of Technology and Operations, Tom Moreno Jr. who has over 27 years of banking experience in treasury management sales, product management and operations. You can email him directly at [email protected] or call (210) 807-5508.

Click here to see the interview clip on News 4 San Antonio.