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The Power of Positive Pay: How It Works, When It Doesn’t, Legal Reasons to Use It

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Before starting this self study program, please go through the instructional document.

Overview

  • Payments fraud and control survey report
    3 mins
  • Strategies to Prevent Check Fraud
    8 mins
  • The Software:
    18 mins
  • Counterfeit Cashier's Checks
    26 mins
  • ACH Filters and Blocks
    31 mins

Course Description

Positive Pay and Payee Positive Pay are some of the most powerful tools developed in the fight against check fraud. These services are offered by all major banks and most regional banks. When combined with truly controlled and highly secure checks, they can create a powerful defense against check fraud.

However, Positive Pay and Payee Positive Pay are not fool-proof. For example, Payee Positive Pay will not catch added payees. To identify the pros and cons of any system, we need to understand how it was developed and what needs it was targeted to serve. SAFEChecks president - Greg Litster - in this webinar will go into detail about the following topics:

  • How Positive Pay was developed, 
  • How it works, and 
  • How it has evolved over time to become more powerful. 
  • Which are its vulnerabilities
  • Which are the present effective – proven strategies to shore up an organization’s fortification against check fraud.

Many small and medium companies believe that they lack the technological wherewithal to create the files required by their bank for Positive Pay. Other organizations are using systems that are cumbersome and time-consuming. These obstacles to using Positive Pay are easily resolved with robust yet user-friendly software strategies.

Check fraud continues to be the most prominent form of payment fraud, and is being used in both “high tech” BEC scams and “low tech” embezzlement schemes. There are many straightforward protocols organizations can employ to protect themselves against this crime, and CPAs and other finance professionals can arm themselves with the latest information in fraud prevention to become “value-added” to their organizations.

Learning Objectives

  • To outline how Positive Pay works and how it has evolved over time, and powerful legal incentives to use it.
  • To identify the vulnerabilities of Positive Pay and
  • To recognize how Positive Pay can be strengthened.
  • To examine real-life fraud situations, including what went wrong and how the losses could have been prevented.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Certified Public Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm

Testimonial

4.5

(346)
57%
35%
7%
1%
0%

EP

Great!

KS

Interesting notes about check fraud

EP

Excellent presenter!

RK

Even though it was partially a sales pitch, it was very useful and interesting. I was surprised how much was shared that I did not know.

AT

N/A

AG

Very useful information!