While fraud is often associated with stolen identities, credit card numbers, and passwords, one of the most common forms is actually check fraud. According to the American Bankers Association, check fraud makes up almost half of all fraud. The FTC says reports of fake checks have grown 65% from 2015-2020.
The good news is there is a solution for businesses: Positive Pay. Now available for all Gateway Bank Cash Management customers, this automated check matching service helps minimize losses due to fraudulent checks.