How to prevent check fraud, with Courtney Olson

Help! My Business is Growing

When your business becomes a victim of financial fraud, specifically check fraud, it can be a total nightmare. Not only will you lose money but you'll also lose time in trying to track it down, closing your account, and talking to your bank, lawyers, and the authorities.

Depending on the size of the theft, it can affect your operations. You may not be able to pay your employees and your suppliers, damaging your reputation and it may even lead to legal action against you.

So what can you do to protect your business?

What are the red flags to watch out for?

What are the different forms of check fraud?

And what can you do to try and get your money back?

In this episode, Courtney Olson and I discuss the rising threat of Check Fraud and its impact on your growing business. We uncover common fraud tactics and share practical tips to safeguard your business finances.

Courtney is the Senior Vice President and Managing Director of First Bank Chicago and is responsible for supporting the Bank’s growth and expansion through developing strong business relationships within the local marketplace. She utilizes her background in sales, lending, and deposits to assist clients and prospects in designing a holistic banking strategy.

We discuss: (timestamps)

02:04 The different types of financial Fraud

04:08 How to recognize check fraud

08:03 Prevention strategies against the check, ACH, and wire fraud

11:38 What is Positive Pay?

13:56 Addressing the limitations of Positive Pay

15:58 Managing significant Bank-Approved unauthorized transactions

22:25 How the ACH Positive Pay System works

24:20 Actionable steps to take to protect your business from check or financial fraud

Resources:
Courtney A. Olson, Senior Vice President / Managing Director, First Bank Chicago
https://www.linkedin.com/in/courtney-a-olson-6865b410/

Website -
https://www.firstbankchicago.com/

Contact Info -
[e-mail]

Kathy Svetina, Fractional CFO:
https://www.newcastlefinance.us/

Blog post | How to Prevent Check Fraud
https://www.newcastlefinance.us/listen/how-to-prevent-check-fraud/

Разделы

1. How to prevent check fraud, with Courtney Olson (00:00:00)

2. The different types of financial Fraud (00:02:04)

3. How to recognize check fraud (00:04:08)

4. Prevention strategies against the check, ACH, and wire fraud (00:08:03)

5. What is Positive Pay? (00:11:38)

6. Addressing the limitations of Positive Pay (00:13:56)

7. Managing significant Bank-Approved unauthorized transactions (00:15:58)

8. How the ACH Positive Pay System works (00:22:25)

9. Actionable steps to take to protect your business from check or financial fraud (00:24:20)