The Challenge
After falling victim to ACH fraud, this business member faced a significant financial loss, which exposed weaknesses in their payment process and systems. The situation created an urgency to improve their fraud prevention to eliminate the opportunity for future loss due to ACH and check fraud.
The Solution
After Magnifi was made aware of the fraudulent activity, we helped the member through their current situation and quickly worked with them to implement Fraud Management with Positive Pay. This solution gave them greater control over outgoing payments by allowing them to review and approve/return checks and ACH transactions within the allowed return window, reducing the risk of unauthorized payments.
“After experiencing ACH fraud, we knew we needed to strengthen our financial security. Magnifi’s Positive Pay tool gives us the control to review and approve payments before they leave our account. It’s now a simple, but essential, part of our daily operations, giving us the peace of mind and financial security to do business confidently.”
The Results
Fraud Management with Positive Pay has delivered both strong financial and operational benefits for this business. Since implementation, they have returned $16,300 in unauthorized transactions, saving them from additional financial loss.
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