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With fraud on the rise, is your company doing everything that it can to protect its accounts? Arvest Bank's Fraud Prevention services are designed to help protect your business from various types of fraud and keep your funds safe and secure. Our Arvest Treasury Management team is proud to offer both ACH Fraud Blocker and Positive Pay as two of our Fraud Prevention service options.
ACH Fraud Blocker
ACH Fraud Blocker is an anti-fraud service offered by Arvest Bank that monitors the ACH debit activity on your business accounts and verifies that the debits presented for payment to your account have been authorized by your company to clear your accounts. Unauthorized transactions will be returned thereby preventing potential losses before they occur. When you initially sign up for the service, you will provide Arvest Bank with information on entities that are authorized to electronically debit your accounts. You can set maximum dollar limits for specific originators, and you also have the option to block all ACH debits to your accounts.
Positive Pay is a check fraud prevention service offered by Arvest Bank that matches the account number, check number and dollar amount of each check presented for payment against a list of checks previously authorized and issued by the company. Checks that cannot be verified by Arvest Bank (altered in amount or forged) will be returned.
So how does Arvest Bank obtain a list of checks issued?
As you issue checks, you will submit a file with the issued check information to Arvest Bank by 4:00 a.m. The information should include the date the check was issued, the serial number, dollar amount and description. Checks in which the serial number and amount do not match are placed on hold as exceptions. Arvest Bank will review all exceptions. You will be able to review the remaining exceptions and choose whether to release the check for payment or reject it by 3:00 p.m. on each banking day. Furthermore, a default action of “return” will kick in after a specified amount of time.
Positive Pay is often cited as the #1 proactive measure in preventing check fraud.
To sign up for ACH Fraud Blocker or Positive Pay or to learn more about any of Arvest Bank's Fraud Prevention services, contact your Treasury Management representative today!