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A recent survey found that 87% of mobile banking users have some type of account activity alert set up. This makes sense: We want to know when there’s a deposit into our account or when we have a low balance.
Another thing we want to know? When there’s unusual activity in our account, which is why more than half of Americans turn that alert on.
These types of alerts seem like common sense for our personal accounts. But, as a business owner, are you taking the same preventive measures for your business accounts?
Fraud has increased within all aspects of business, including payment processes. Billions of dollars are stolen each year through credit card, check, wire, and ACH fraud. According to the 2019 KPMG Global Banking Fraud Survey, 61% of organizations reported an increase in total external fraud volume, with 59% seeing an increase in the value lost.
And, if that isn’t enough to convince you, consider that more than 50% of fraud victims recover less than 25% of their losses. That’s why, when it comes to fraud, the best way to beat it is to get in front of it and utilize tools designed to protect your business.
At Wintrust Community Banks, we offer Positive Pay services through our Business Community Checking and Have-It-All® Business Checking accounts. These services allow your business to stay ahead of fraudulent checks and block unauthorized ACH debits.
Entrepreneur Checking account customers will need to upgrade their account in order to obtain fraud prevention services.