Potential losses for your business from the risk of fraud can be substantial. A company lacking proper defenses is vulnerable to financial loss, costly disruptions, and reputation damage. But identifying and preventing fraudulent check payments is a difficult task for any organization.
At Vast we're committed to providing the resources you need to understand and recognize fraud, as well as the tools and services to help prevent it. With Positive Pay, we'll reduce the risk of unauthorized check payments and losses resulting from lost or stolen checks and/or unauthorized ACH debits.
In order to protect against forged, altered, and counterfeit checks, the Positive Pay matches the check number, dollar amount, and account number of each check against a list provided by your company. If all three do not match, we will not clear the check.
If the information does not match the check, we'll notify you through an exception report, withholding payment until you advise us to accept or reject the check.