Cole Taylor Knows Fraud Prevention

Cole Taylor’s full suite of fraud prevention solutions for online business banking

Positive Pay • Payee Positive Pay • ACH Positive Pay

Check fraud is a serious issue facing businesses today. With the incidence of digital theft on the rise, it is incumbent upon businesses to protect their online bank accounts and information. Fortunately, there are steps you can take to dramatically reduce your company’s risk of check and ACH debit fraud.

Cole Taylor Bank’s Positive Pay services are designed to help you improve your degree of control over check and ACH debit transactions. Fully integrated with Cole Taylor Reporter, our online banking platform for businesses, Positive Pay services can help you detect fraudulent activity before funds are drawn against your account.

What is Positive Pay?

Positive Pay enables your company to upload an electronic file of issued check data. Checks presented for payment are automatically compared to the file. Matching items are paid, while unmatched items appear in a Positive Pay exception report on Cole Taylor Reporter. You can decide whether to pay or return each item in the exception report.

Payee Positive Pay

With Payee Positive Pay, you can add the payee as an additional point of comparison within your issued check file. Using OCR/ICR technology, the software will read the payee name on a check presented for payment and match it against your issued check file. Unmatched items are listed in the exception report for your pay-or-return decision.

ACH Positive Pay

With ACH Positive Pay, ACH debit items are listed online in Cole Taylor Reporter’s Positive Pay exception reports. You can indicate which items to pay and which to return. Users can also apply filters in a real-time environment to facilitate the acceptance of recurring items.

Cole Taylor’s Positive Pay solutions can save your business time and money by automating manual check fraud prevention processes. ACH and Positive Pay exception items can be decisioned quickly and easily, giving you improved control over your cash flow.

Speak with your Cole Taylor Treasury Management representative to learn more!

Security Alerts

01/13/14: It's Tax Identity Theft Awareness Week!

12/22/13: FBI warns of new "man-in-the-email" scheme affecting businesses

LEARN MORE about recent activity related to Phishing, fraudulent websites, and other security alerts.

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