Treasury Management Client Care
2015 Association for Financial Professionals (AFP) Payments Fraud and Control Survey
Data and payment breaches are increasingly more common and vital business, financial and personal data are being compromised. Malicious fraudsters are using more sophisticated techniques to circumvent various payment systems and target companies and their customers. Even when these criminals are unsuccessful in accessing direct funds, they often have been able to access confidential personal data, allowing them to steal identities of unsuspecting individuals and initiate other elaborate fraud attacks and breach even more secure payment methods.
Finance professionals realize how critical it is to keep their organizations’ information secure and, as much as possible, prevent breaches of company payment systems. The costs of remediating the impact from payments fraud can be exorbitant and have long-term effects on those companies that fall victim to such malicious attacks.
Results from the 2015 AFP Payments Fraud and Control Survey reveal key trends in the payments fraud area.
PNC's Positive Pay Services can help maintain even tighter control over your disbursements.
PNC clients with account reconcilement services can enjoy the protection of Positive Pay, an automated check matching program. Positive Pay allows you to monitor checks processed for payment against your account and reject unauthorized transactions before losses occur.
Through Positive Pay, you simply transmit issue data to PNC when your company issues checks. Used in conjunction with our Account Reconcilement Program plans, Positive Pay complements the internal security measures you employ to protect against unauthorized checks being paid. When items are presented for payment, our matching and validation process allows us to quickly identify checks that are inconsistent with the data provided. Digitized images of exception items are provided online to enhance your pay/return decision-making. Review suspicious items efficiently and make timely payment decisions.
Two convenient Positive Pay services are available to address your needs.
Teller Positive Pay service enables us to compare your issue information to checks being presented at PNC branches.
Point of Sale Positive Pay service allows us the ability to compare your issue information to checks being presented at thousands of retail locations across the country.
PNC Bank offers Payee Positive Pay to corporate clients. Payee Positive Pay can be used with regular or controlled disbursement accounts and is synchronized to provide a comprehensive listing of Positive Pay exceptions.
Payee Matching Service
You provide PNC with a transmission of check issue data for each day your company has issued checks. As checks are presented for payment, the Payee name is matched against the Payee issue data from your file. Items that match your company's issue data are then further processed for Positive Pay matching. Items that do not match your issue data will be reported as exceptions - you review the exception items and advise PNC whether to pay or return each item. All exception items are image-enabled, resulting in a Pay/Return decision process that is timely and easy for your staff to complete.
Payee Positive Pay enhances our Positive Pay validation process by allowing you to include the Payee as an additional point of comparison between checks presented and your issue data file. It's an easy way to strengthen your fraud control measures and enjoy greater security. Just match the Payee name that should appear on the check with the actual name on the item presented for payment. As with our standard Positive Pay program, online delivery of exception item images speeds your decision-making process and helps you reduce your risk.
PINACLE® is PNC’s corporate online and mobile banking portal that helps you securely and efficiently manage your cash and make decisions while providing a tailored user experience for your corporate banking activities.
PINACLE provides you access to all of your reporting and transactional services, including Positive Pay. Through our customizable portal and easy-to-use interface, you can easily create and transmit check issue files, view images and inform us of your pay or return decisions. Streamlining your accounts payable process couldn't be easier.
Through PINACLE's® Positive Pay Module, you can have timely access to your Positive Pay exception items, helping you to reduce disbursement risk. Through user-friendly screens, you can easily review your Positive Pay exceptions and view images of those exceptions. You can also create issue records for your issue file and instruct us how to handle your exception items. As a result, this Web-based workflow tool helps to automate and streamline your accounts payable process, which can save you time and money.
PNC offers two ACH Fraud Protection options to help you monitor and control ACH debits. You determine at the account level how you want to protect your accounts.
New technology is available to enhance controls on purchases made by employees with purchasing cards. This technology enables your organization to instantly manage the available credit on individual purchasing cards. Technology advances also let you to limit purchasing activity through an array of card-spending controls, including monthly and per-transaction limits, as well as merchant spend categories that only permit use of the card with certain merchants. Some card programs provide online access to manage these parameters directly from your desktop computer.
Please contact your Treasury Management Officer or Treasury Management Client Care (TMCC) at 1-800-669-1518 with any questions.
From the 2015 AFP Payments Fraud and Control Survey, page 28.
PNC and PINACLE® are registered marks of The PNC Financial Services Group, Inc.(“PNC”)
Bank deposit, treasury management and lending products and services, and investment and wealth management, and fiduciary services are provided by PNC Bank, National Association, a wholly-owned subsidiary of PNC and Member FDIC.