Fraud Prevention

At Citizens Bank, we’re more than just your financial partner in Memphis and Nashville. We’re your neighbors, your community. We understand the unique challenges businesses face in today’s fast-paced world. And one of the biggest threats out there? Fraud.

That’s why we’ve built our fraud prevention services to be your trusted shield. We want you to have peace of mind so you can focus on what truly matters: growing your business.

This page is all about Positive Pay, a powerful tool we’ve got in place to fight check fraud. It’s a simple solution with a big impact.

Check fraud can feel like a sneaky thief slipping into your business unnoticed. It happens when someone uses a stolen, forged, or fake check to drain your account.

How does it work?

• Stolen Checks: Imagine someone stealing a checkbook right from your desk. They can use it to make unauthorized purchases or cash withdrawals.
• Check Washing: It’s like a magic trick gone wrong. Fraudsters can change the amount on a legitimate check, making it worth much more than it was originally.
• Fake Checks: These look real, but they’re actually drawn on accounts that don’t exist. When your bank tries to process them, you’re the one who ends up losing money.

Check fraud can hit your business hard. It’s not just about the financial losses from the fraudulent checks themselves. Imagine the time and energy you’ll waste investigating these incidents. And the damage to your reputation can be even worse. When customers hear about fraud at your business, they may question your security measures and their trust in you.

Step 1: Submit a file of your daily list of issued checks

Every day, you send us a list of all the checks you’ve written. Think of it as a digital checkbook.

Step 2: As items are presented to your account, the bank matches them against the issuance file

When someone tries to cash a check drawn on your account, we compare it to the list you sent us.

Step 3: Checks on your list are paid, while checks not on your list, or those with discrepancies in check number or dollar amount, are marked as exceptions

If the check matches what you’ve told us, we pay it. But if it’s different—maybe the amount is wrong or it’s a check you didn’t write—we flag it as an exception.

Step 4: You review exception items online and make a “pay” or “no pay” decision

You get to review these exceptions online. If it’s a legitimate check you forgot to include on your list, you can approve it. But if it’s fraudulent, you can stop payment.

We know Memphis and Nashville businesses are the heart and soul of these vibrant communities. That’s why at Citizens Bank, we’re committed to helping them grow and succeed.

Positive Pay is a powerful tool that can give you peace of mind. It’s a simple, effective way to protect your business from check fraud—whether you’re a small shop, a bustling restaurant, or a growing professional firm.