Potential losses from fraud can be significant. Hickory Point Bank offers various fraud mitigation services that can help you identify fraudulent checks and electronic transactions to prevent lost time and revenue. While no product or service will be completely effective in preventing unauthorized or fraudulent activity, the services we offer will reduce the likelihood that certain types of fraudulent items will be paid against your account. Positive Pay with Hickory Point Bank is the best way to help protect your business from fraud.

HBP Fraud Mitigations services available:

Choose the solutions that work best for you:

• Standard Positive Pay – A sophisticated service in which we work together to detect check fraud by identifying check numbers and amounts for check items presented for payment.
• Payee Positive Pay – Works the same way as Standard Positive Pay with an extra layer of protection by checking the payee name on each check.
• ACH Positive Pay – Provides the ability to add filters to help manage electronic transactions.

Payee Positive Pay.

With Payee Positive Pay, the Bank compares checks presented for payment against a check issued file provided by the customer. Payee Positive Pay adds a layer of security as the system checks the payee name on the check issued file with the name on the check presented for payment. If a mismatch occurs, the customer must make a decision to “pay” or “return”. Payee Positive Pay is most appropriate for businesses that issue a high volume of checks, a large number of checks to the general public, or checks for large dollar amounts.

ACH Positive Pay.

ACH Positive Pay offers additional control over the electronic access to an account. With ACH Positive Pay the customer creates and provides the Bank an authorized list of approved ACH debit items. If an ACH debit item is presented for payment that does not match the approved list the customer must make a decision to “pay” or “return”.  

Reverse Positive Pay.

With Reverse Positive Pay, all items presented to the Bank for payment must be reviewed by the customer, with a decision to “pay” or “return” provided for each item. Reverse Positive Pay is most appropriate for smaller businesses that do not issue a high volume of checks.   

Contact us.

Please contact your relationship manager, or our Treasury Management team, to learn more. 

• Christie Weemer, Vice President, Treasury Management Specialist, 217-872-6376
• Terri L. Burdick, Vice President, Treasury Management Specialist, 217-872-7576

Some precautions that businesses should take to minimize the risk of fraudulent and unauthorized transactions:

• Safeguard account information, particularly the account number. Do not disclose this information or write checks to third parties with which you are not familiar.
• Safeguard and protect all materials and information that can be used to access your account, including but not limited to, blank or unused checks, ATM/debit cards, personal identification numbers (PIN), and all log-in and password credentials for online banking.
• Do not deposit checks from people or business with which you are not familiar.
• Call us immediately if you suspect any unusual or unauthorized activity on your account.
• Review your account statement timely and carefully upon receipt and notify us of any unauthorized activity or missing deposits.
• Promptly notify us if you do not receive an expected statement or notice.
• Utilize dual control.  As an example, set up user permissions within online banking that requires one authorized user to submit an ACH file, bill payment or wire transfer, while another authorized user MUST approve the transaction before the file or payment is released.