Westfield Bank offers you a suite of simple and effective tools to invest in that help you monitor your account, 24/7 and significantly decrease the threat of check fraud. We prevented nearly $5 million in potential fraud loss to our commercial customers in 2022 alone. When you partner with us, these are the resources we’ll provide to give you greater peace-of-mind:
Positive Pay is a highly effective security measure designed to protect your business from check fraud. This tool enables you to upload a daily electronic file with information about checks issued by your business. This information is instantly compared to checks presented for payment against your account. Any fraudulent or unauthorized payments for both checks and ACH will be flagged before being cleared.
Furthermore, Westfield Bank’s Payee Match technology offers an additional layer of security to Positive Pay. On top of the check fraud mitigation, this technology enhances the security of your transactions by comparing the check number, the check amount, AND the payee against the list of payees issued by your business.
Another feature is Reverse Positive Pay, which reviews all prior day checks that were presented for payment by your business. To stay ahead of any fraudulent activity, such as altered or fraudulent checks, our team will provide your business the check detail information, dollar amount, and digital check image each business day. This allows you to easily and frequently monitor your account for any suspicious check activity.
Account reconciliation is another tool offered by Westfield Bank that can make a big difference for your business. This service detects any errors, discrepancies, or fraud by comparing your business’s financial records against statements from your bank accounts, ensuring they match.
Multi-factor authentication is an additional, easy-to-implement tool we provide that can further bolster the security of your business. This tool, which you’re probably familiar with from other personal accounts, protects your banking information by requiring additional verification to log in to your online or mobile banking account. When you log into your account, you’ll be prompted with a text or call directly to your phone and provided with a unique security code for your session.