Important Service Disruption:
Check fraud is unfortunately a growing issue that businesses of all sizes and industries need to be mindful of. Our relationship managers at NBT Bank take pride in working closely with our customers to proactively identify measures to support and protect our customers’ finances so their goals can remain on track despite the malicious activity in today’s marketplace…
Recently one of our customers, a law office in Central New York, identified check fraud that was part of a Craigslist scheme. After meeting with our Cash Management team, the law office enrolled in Positive Pay for all three of its accounts despite the fraud only being identified on one of their accounts. Hearing that Payee Positive Pay would soon be offered, the customer requested that the service be activated on all three accounts as well as soon as it became available. The day after Payee Positive Pay was activated on the customer’s accounts, two fraudulent checks were identified to have payee name mismatches and several other exceptions. In just several days of having the service, the law firm had 48 fraudulent checks returned preventing the customer from a loss of over $186,000.