Association for Financial Professionals: 2019 AFP Payments Fraud and Control Survey
Fraud Mitigation Solutions
For Small Business
Help Stop Fraud in Its Tracks
It’s no secret: The number and complexity of fraud schemes perpetrated against business checking accounts is continuing to grow. Seventy-eight percent of finance professionals report that their organizations were targets of payments fraud. Seventy percent of organizations subject to payments fraud were victims of check fraud.
Do you have measures in place to help combat this type of attack?
Protect your business from the growing threat of fraud
As fraud becomes more sophisticated, recognizing the criminals' tactics and understanding how you can protect your business are more vital than ever.
Online Fraud Mitigation Tools
This comprehensive fraud mitigation approach combines four advanced technologies and security tools designed to help you identify and thwart attempts to compromise your financial accounts. By providing enhanced insight into the transactional details of your financial accounts, fraudulent checks and electronic transactions become easier for you to identify if presented for payment.
Here's How the Tools Work Together
These four tools, working together, can help you protect your account from unauthorized activity, whether initiated electronically via ACH, or manually via paper check.
- PINACLE® Express — Provides you with access to treasury management solutions that enable you to monitor and manage your banking activity from anywhere you have Internet access
- Positive Pay Solutions — Display your check presentment information online to help identify and respond to suspicious activity
- ACH Debit Authorization Solutions — Stop all ACH debits from posting to your account or establish “rules” for filtering and decisioning which ACH items post, or are returned to the originator as unauthorized
- Universal Payment Identification Code (UPIC) — Masks your checking account number so you can accept ACH credits without having to provide your PNC account number to the payment sender
Fraud Mitigation Solutions from PNC
Harness the strength of four treasury management solutions — PINACLE Express, Positive Pay, ACH Debit Authorization and UPIC — to help you identify and thwart attempts to compromise your financial accounts.
Expand your cash management activities online with the powerful web-based capabilities of PINACLE Express. This online and mobile banking portal provides one-stop access to your key treasury management services so you can securely and efficiently manage your financial positions — in the office or on the go. And with single sign-on, you’ll save time and work more productively from your desktop, tablet or compatible mobile device.
With PINACLE Express, you’ll gain access to:
- Information reporting
- Account transfer
- Stop payments and check inquiry
- Image On-Demand
- Event Notification
- Online client support
In addition, optional services include Online Statements, Transaction initiation (ACH, Wire), A/R Advantage (image lockbox) and fraud mitigation tools.
PNC offers two forms of Positive Pay, enabling you to choose the detection tool that’s right for your business:
With Positive Pay, you provide PNC with a transmission of your check-issue data and we’ll match it against the checks presented for payment. Any exception items are presented for your decision to pay, or return, each day. Check images are easily viewable within PINACLE Express.
With Reverse Positive Pay, PNC provides you with a daily file of checks presented for payment. You can then compare the check information (account number, check number, encoded amount, and paid date) against your check issuance database. Any exception items you identify can be reported to PNC for payment or return.
PNC offers two forms of ACH Debit Authorization, enabling you to choose the detection tool that’s right for your business:
ACH Debit Block prevents ACH debits from posting to your account. You may also decide whether checks that are converted to ACH debits (POP, BOC, RCK, and ARC entries) should be automatically returned.
ACH Debit Authorization allows you to establish rules for filtering only those items you want to post (e.g., known trading partners), while returning any suspect items to the originator as unauthorized. You may establish rules up front, or wait until an ACH is presented for the first time to review and establish a new rule. Additionally, you may edit or delete rules as is necessary.
Universal Payment Identification Code (UPIC) masks your PNC bank account information so you can offer your customers the option of sending ACH payments, while protecting your sensitive bank account information from being displayed on customer-facing billing material or internal documents.
Used in conjunction with a Universal Routing and Transit (URT) number, the UPIC can be used only to receive ACH credits to your account. Together, the UPIC and URT function as regular account and routing numbers, so no special handling or programming is required by you or your suppliers.
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To learn more about these powerful solutions and how they can help you mitigate fraudulent activity, contact a Treasury Management Direct representative.
UPIC is a registered trademark of The Clearing House Payments Company, LLC.
PNC and PINACLE® are registered marks of The PNC Financial Services Group, Inc. ("PNC")
Bank deposit, treasury management, and lending products and services are provided by PNC Bank, National Association, a wholly owned subsidiary of PNC and Member FDIC.
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