Cybercrime: Commonsense Precautions to Protect your Organization
Warnings about identity theft and tips to protect your personal bank accounts are everywhere, but little fuss is made about business owners protecting their accounts against fraudulent activity.
Payment fraud continues to be a major challenge for businesses and banks alike, regardless of size or industry. While the most common type of fraudulent occurrence is check fraud, ACH debits have also been used as a vehicle to perpetrate crime.
As a PNC corporate client, you enjoy convenient access to a number of effective and reliable tools that will help you limit losses from check and ACH fraud.
2013 AFP Payments Fraud and Control Survey
The Association for Financial Professionals (AFP) conducted a survey to spotlight the type and frequency of payments fraud experienced by organizations in 2012. The survey was a follow-up to similar AFP surveys conducted in each of the previous three years to measure the prevalence of payments fraud and the weapons that organizations deploy to defend against it.
This year's survey sought to reveal the gaps in payment systems defenses that resulted in financial liability for some organizations and the fraud control measures that other organizations use to prevent financial losses from payments fraud. Responses to the survey would identify best practices that protect organizations against fraud in check, ACH and card payments from both internal and external sources. The survey was also designed to focus attention on the security measures that organizations are adopting to protect online payments and cash management data.
Positive Pay Services
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.
- PNC's bank-maintained service allows you to send us a file of check issue data each day. We'll maintain your issue data and match checks as they are presented. Items not found in our database will be reported to you as exceptions that require a pay or return decision. Combined with the bank maintained solution, we offer:
- If you choose our client maintained service, we'll provide you with a daily file of checks presented to us for payment. Then, you compare the checks presented with your own records and notify us regarding your payment decisions.
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.
Payee Positive Pay
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.
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.
ACH Fraud Protection Service
PNC Bank's ACH Fraud Protection Service will enable you to authorize debits against your checking account from selected originators, while monitoring for suspect items reliably and efficiently. By screening entries and monitoring your accounts for unauthorized ACH Fraud Protection Service can help you avoid the costly possibility of overlooking a transaction and losing the right of return through the ACH network.
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.
- ACH Positive Pay, a module that is accessed through PINACLE® (PNC’s top-ratedonline corporate banking portal), enables you to establish ‘rules’ for filtering ACH debits presented to your accounts. You may also review any ‘suspect’ ACH debits and decide which entries should be returned to the ACH originator as ‘unauthorized’.
- ACH Debit Block prevents ACH debits from posting to your account. When youestablish the service, you also decide whether checks converted to ACH debits(POP, BOC, RCK, and ARC entries) should be automatically returned. You can review a report of any returned ACH debits through the ACH Positive Pay module in PINACLE.
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.