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Benefits of Business Banking: Fraud Solutions

Did you know:

  • There was a 68% increase in the number of data compromises in 2021 compared to 2020. (Identity Theft Research Center)  
  • Losses resulting from cyber-attacks such as business email compromise and ransomware totaled $72,476,672 in 2021 in CT alone, up from $41,311,798 in 2020. (FBI’s Internet Crime Complaint Center)
  • The average data breach cost rose from $3.86 million in 2020 to $4.24 million in 2021. (IBM Security and the Ponemon Institute)
  • Check fraud had tripled from August to October 2021 (Evidence-Based Cybersecurity Research Group at Georgia State University)

Chelsea Groton’s security team sees check and ACH fraud on a daily basis. In most cases, business account holders only have 24 hours to catch and report unauthorized transactions to the bank to avoid liability for the loss, making it more important than ever to have added protections and eyes on your account. By layering the Positive Pay fraud detection service with the ACH Origination service, businesses can better safeguard their accounts while gaining efficiencies:

A man types on a laptop with a graphic of blue holographic security icons over his hands
  • Positive Pay Service: Checks and ACH payments are automatically monitored so that unauthorized transactions are flagged for review. This means that checks that don’t match your check register and electronic withdrawals that aren’t pre-approved won’t be able to clear against your account without your explicit authorization. 
  • ACH Origination Service: You have complete control over your payments, removing the risk of having your account information on checks circulating in mailboxes and lingering in any number of hands. In addition, ACH Origination saves time and money on postage by enabling you to make electronic payments directly out of online banking rather than printing and mailing checks. Each user who originates files will receive an RSA Security Token. This service allows a dual approval process so payments that are originated are subject to a secondary review before they are sent.

As Chelsea Groton wants to ensure all businesses are properly protected, the Bank is currently offering a “Security Bundle” for businesses who want to subscribe to both services. Those who enroll by December 31, 2022 will receive a discounted rate on the packaged services. The cost will be included in the account analysis and offset by any available earnings credits.

If you’re interested in learning more about this offer, please call (860) 448-4295 or email so the team can set you up with the added security and peace of mind that these services bring to businesses.