By Tim Itzin, Audit Shareholder
There continues to be an alarming growth in attempted fraud with respect to business checking accounts.
There are numerous methods used by the scammers to defraud companies and different legal issues/remedies exist with each. The grace period allowed to discover fraudulent activity and notify your bank has decreased significantly for many banks due to how much faster funds move through the system.
While there are some universal guidelines and protections afforded the harmed parties, we encourage management to revisit this topic with your bank. Products such as Positive Pay, ACH filters/blockers, and daily bank reconciliation tools should be strongly considered to protect your company.