Fraud Prevention Services
In a recent report, 62% of companies say they have experienced payments fraud.1 And chances are your business will at some point be a target. As your trusted financial partner and fellow Texas business, we understand those risks. That's why we offer check and electronic fraud protection, which provides your company with an extra layer of security.
Check Fraud and U.S. Businesses
Frost Solution: Positive Pay
With Positive Pay, you're able to verify checks for payment and return fraudulent checks before they post to your account – not days or weeks later. This service enables you to:
- Gain control over which checks are paid and which are held for review
- Identify unauthorized transactions
- Access valid check information with our online portal, updated every 30 minutes
How Positive Pay Works
- You send a file with date, check number and dollar amount to Frost via FTP or Cash Manager.
- Frost compares checks presented for payment with the check number and dollar amount.
- If an item doesn't match check number and amount, it is marked as an "exception."
- Images of exceptions are shown each morning on Cash Manager.
Positive Pay with Payee Review
In addition to providing check-issue information for review, we also offer the opportunity to verify the payee name on checks presented for payment. It's simple to add this option to your existing Positive Pay service:
- Include the check payee name with your check-issue information
- Frost will verify the payee name on the check with the name on the issue file
- You view exceptions each morning and decide to pay or return the item
Electronic Fraud and U.S. Businesses
Frost Solution: ACH Fraud Prevention Services
Frost's ACH Fraud Prevention Services protect your financial assets by adding protection between your accounts and unauthorized ACH debits, credits, or both. Frost's ACH Fraud Prevention Services lets you:
- Monitor and control all incoming ACH transactions, reducing ACH fraud risk
- Automatically block or filter all incoming ACH credits, debits or both, depending on your service option
- Streamline operations and improve internal productivity
Four ACH Blocking Options for Your Business:
With four blocking options available, we'll work with you to find the right option for your business.
Standard ACH Blocking: Block all ACH debits, credits or both
All blocked items are returned to the originator.
ACH Blocking with Review: View all ACH debit transactions and make payment decision
1. All ACH debits are held the day they are received.
2. On the next business day, all ACH debits are shown in Cash Manager for you to decide whether to pay or return.
3. Items are posted OR Items are returned
ACH Filtering: Decide which vendors are authorized to post ACH debits or credits
1. Originator ID is an ACH filter
2. Originator ID allowed and items are posted OR Originator ID not allowed and items are returned
ACH Filter By SEC: Block ACH transactions with Standard Entry Class (SEC) codes
1. SEC Type is an ACH filter. SEC codes include web-based payments (WEB), telephone-based payments (TEL) or international payments (IAT).
2. SEC Type allowed and items are posted OR SEC Type ID not allowed and items are returned
If you have any questions about our Fraud Prevention Services, our fees, or anything at all, we're always here to answer your questions.
Call a Frost Treasury Management Representative at (888) 481-0336
1. 2015 Association of Financial Professionals