Keeping your business bank accounts secure and the power of Positive Pay

In a world of increasing digital convenience, security remains a paramount concern, particularly when it comes to business bank accounts. At First Utah Bank, we understand the critical nature of safeguarding your financial assets from fraudulent activity. Today, we’d like to share some insights on keeping your business bank accounts secure and highlight a unique service we offer — Positive Pay.

• Regular Monitoring: The first step towards a secure banking experience is regular account monitoring. Checking your bank statement at least once a week is a good habit to develop. This vigilance allows you to spot and report any discrepancies promptly.
• Secure Networks: Use secure and private networks when accessing your bank accounts online. Public Wi-Fi networks might be convenient, but they can expose your sensitive information to cybercriminals.
• Strong Passwords: Make sure your online banking password is unique, complex, and hard to guess. Consider using a password manager for extra security.
• Two-Factor Authentication (2FA): Enable 2FA for your accounts. This adds an extra layer of security as it requires two types of identification before you can access your account.
• Fraud Alerts: Sign up for fraud alerts with your bank. These alerts notify you of suspicious activities on your account.

While these steps are beneficial, we believe that proactive measures, such as our Positive Pay service, can make a significant difference in combating fraud.

Positive Pay, part of our robust Treasury Management Services at First Utah Bank, is an automated fraud detection tool. Here’s how it works: you provide us with an electronic list of checks issued by your business each day. We then cross-reference this list with checks presented for payment. If a check number or amount doesn’t match your list, we flag it as an exception and notify you immediately. This gives you the opportunity to review the item and decide if it should be paid or returned. In essence, Positive Pay provides a safety net for your business, helping to detect fraudulent checks before losses occur.

The benefits of Positive Pay go beyond fraud detection:

• Streamlined Processes: Positive Pay can simplify account reconciliation and reduce administrative costs, offering a more efficient way to manage your payables.
• Enhanced Control: You have the power to review and decide which checks should be paid, giving you better control over your cash flow.
• Reduced Risk: With the ability to catch fraudulent checks before they’re cleared, you significantly reduce the risk of financial loss due to check fraud.

In addition to Positive Pay, we also offer Payee Positive Pay. This service adds an additional layer of security by matching the payee’s name on each check presented for payment against your issued check file.

At First Utah Bank, we understand the challenges businesses face in maintaining secure bank accounts. Our commitment to our customers includes not only providing innovative services like Positive Pay but also educating them about the best practices in managing and protecting their financial resources.

Remember, a secure business is a prosperous business. Investing time in understanding and implementing financial security measures, such as Positive Pay, could save you considerable stress and financial loss down the road. We’re here to help you on that journey, providing the tools and services you need to keep your business secure.

With First Utah Bank, you’re not just banking; you’re building a safer, more secure financial future for your business.