SMALL BUSINESS BOOT CAMP EPISODE 2: CHECK FRAUD


(light upbeat keyboard music) – Hey there, and welcome to
Small Business Boot Camp. With the healthy economy, a lot of businesses are
growing in different ways, which is a great thing. But there are some things to keep in mind as you make plans for the future. Growth often means adding new vendors, which can involve cutting new checks. Well, an important thing to remember is that of all of the threats
facing a small business, good old-fashioned check fraud is still one of the most
common and easiest to commit. Think about it. If a bad guy gets ahold
of your bank statement, they have your account numbers, your routing numbers, your phone number, and a list of all of your
suppliers and vendors. It’s everything a thief would need to reproduce a check
with their name on it, submit it for payment, and
get a quick and easy payday. And depending on when you’re
balancing your checkbook, it could be 30 days before you
know you’ve been ripped off. An easy way to avoid this big problem is by using a tool called
Check Positive Pay. Simply explained, you
take an electronic file of all of the checks you’ve
written, like on QuickBooks, and load it into Check Positive Pay. When a check comes in, it
gets matched against the file and only the checks that
match the file get paid. The others get flagged. Nice try, bad guys. A bank focused on small business should be familiar with
tools like Check Positive Pay that can detect fraud
and keep your cash safe. Hope that helps. That’s it for now. Thanks for coming to boot camp. See ya next time.

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