How to prevent check fraud, with Courtney Olson

Comments? Suggestions? Text the show here! When your business becomes a victim of financial fraud, specifically check fraud, it can be a total nightmare. Not only will you lose money but you'll also lose time in trying to track it down, closing your account, and talking to your bank, lawyers, and the authorities. Depending on the size of the theft, it can affect your operations. You may not be able to pay your employees and your suppliers, damaging your reputation and it may even lead to legal action against you.So what can you do to protect your business? What are the red flags to watch out for?  What are the different forms of check fraud?And what can you do to try and get your money back?In this episode, Courtney Olson and I discuss the rising threat of Check Fraud and its impact on your growing business. We uncover common fraud tactics and share practical tips to safeguard your business finances.Courtney is the Senior Vice President and Managing Director of First Bank Chicago and is responsible for supporting the Bank’s growth and expansion through developing strong business relationships within the local marketplace. She utilizes her background in sales, lending, and deposits to assist clients and prospects in designing a holistic banking strategy.We discuss: (timestamps)02:04 The different types of financial Fraud04:08 How to recognize check fraud08:03 Prevention strategies against the check, ACH, and wire fraud11:38 What is Positive Pay?13:56 Addressing the limitations of Positive Pay 15:58 Managing significant Bank-Approved unauthorized transactions22:25 How the ACH Positive Pay System works24:20 Actionable steps to take to protect your business from check or financial fraudResources:Courtney A. Olson, Senior Vice President / Managing Director, First Bank Chicagohttps://www.linkedin.com/in/courtney-a-olson-6865b410/Website -https://www.firstbankchicago.com/Contact Info - [email protected] Svetina, Fractional CFO:https://www.newcastlefinance.us/Blog post | How to Prevent Check Fraudhttps://www.newcastlefinance.us/listen/how-to-prevent-check-fraud/Is your growth causing financial headaches? Sales up, but profits lagging? Financial practices stuck in entry level mode?Don't worry, it's not you—it's your financial setup.Introducing NextGen Finance Blueprint by NewCastle Finance. This CFO-led roadmap: • Brings fuzzy finances into focus • Gives you a clear money picture • Creates a step-by-step action planReady to level up? Visit newcastle.finance/blueprint