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

  • Accountant
  • CPA (CA)
  • CPA/CFF
  • CPA (US)
  • CFIRS
  • CWS

Published: January, 2021

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm

Course Qualification

Webinar Qualifies For

  • 1 CPD Credit for Certified Financial Forensics (CFF)
  • 1 CPE Credit of Specialized Knowledge for Certified Public Accountants (CPA-US)
  • 1 CPD Credit for Chartered Professional Accountant (CPA Canada)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Greg Litster

President, SAFEchecks: Abagnale Superbuisness Check

Greg Litster is president and founder of SAFEChecks, and is editor of Frank Abagnale’s Fraud Bulletin. Greg is a former banker of 18 years, has written articles published in AFP Exchange, American Payroll Association, American Land Title Association, and Sheshunoff’s Corporate Cash Management  Manual.  He has served as an expert witness on several national and international check fraud and embezzlement cases, and has spoken on fraud prevention across the country for numerous financial institutions and professional organizations, including AFP, GFOA, Texpo, SoCal Expo. Greg earned a Bachelor of Science in Economics and an MBA in Finance, both from Brigham Young University. 

About Company

SAFEchecks: Abagnale Superbuisness Check

www.safechecks.com/

SAFEChecks provides the most secure business and personal checks in the United States and Canada. SAFEChecks has never had a check replicated and used in a check fraud scam. SAFEChecks’ strictly controlled check stock is designed with Frank Abagnale, and includes numerous security features and Secure Ordering Procedures. We also offer secure Check Writing, Positive Pay, and ACH software, which includes Secure Name and Number Fonts to prevent fraudulent additions or alterations. Our software includes signature controls, security features, and a unique Payee Positive Pay Barcode on each check. 

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.5

606 Ratings

Excellent

355

Very Good

211

Average

38

Poor

2

Terrible

0

KM

Kyle Minges, CPA (US)

Jun 13th, 2022

Great

CPL

Citlali Pecina Lara, Accountant

May 26th, 2022

This video was great for my learning experience.

JA

Jessica Anderson, CIA, CPA (US)

May 19th, 2022

Presenter does a good job of showing how businesses can protect themselves against check fraud.

FB

Fran Burazin, CPA (US)

Apr 26th, 2022

Great presentation.

JCJ

Jojo Chuk Joannak1128@gmail.com, CPA (US)

Apr 20th, 2022

0

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