Payment fraud isn’t just a big-company problem anymore – it’s something businesses of every size are dealing with every day. As payment methods get faster, fraudsters are getting even smarter. Individuals who manage payments and banking access for their company are more susceptible to fraud, so we’ve identified a few practical tips to protect your business.

Five Simple Ways to Protect Your Business from Payment Fraud:

1. Slow down urgent requests. If you receive a sudden or high-pressure payment request, especially involving a change in instructions, pause and verify the requestor using separate, known contact information.
2. Confirm vendor changes independently.  Never rely solely on email for payment detail updates. Always verify changes with your vendor using a phone number or contact you already trust.
3. Review your accounts daily. Frequent monitoring is essential for catching unauthorized activity early when there’s still a chance to stop or recover funds.
4. Use dual approvals for payments. Establishing a clear approval process, like requiring a second set of eyes before releasing funds, is one of the most effective ways to prevent fraud.
5. Take advantage of Positive Pay. Upload a list of checks or ACHs for matching to control unauthorized activity. If a payment presented doesn’t match what is on your list, you’ll decide if you want to pay or return it. If you’re interested in setting up Positive Pay for your business, fill out the form below to get started.

For business banking customers, Meridian offers Positive Pay to prevent check or ACH fraud.

Upload a list of checks or ACH’s for matching to control unauthorized activity. If a payment presented doesn’t match what is on your list, you’ll decide if you want to pay or return it. If you’re interested in setting up Positive Pay for your business, fill out the form below to get started.