Payment fraud: 4 ways to limit your firm's risk
With all the precautions and security measures companies have in place today, you’d think payment fraud would be on the decline.
Unfortunately, that just doesn’t seem to be the case. In fact, almost third quarters (71%) of businesses experienced actual or attempted payment fraud last year. That’s according to the 2011 AFP Payments Fraud and Control Survey.
With findings like that, it’s important to use every anti-fraud tactic at your disposal. Here are four proven ways to limit your company’s risk:
- Use separate accounts for different payment methods (e.g., paper check, ACH, etc.)
- Request Positive Pay from your bank
- Reconcile high-dollar and sensitive accounts on a daily basis, and
- Ask for a “Post no checks” restriction on deposit accounts.
Readers, what type of anti-fraud controls do you have in place? Let us know in the Comments section.
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