Friday, April 1, 2016

Good News, Bad News....

2014 Attempted Actual Fraud line graph

According to the Nacha/AFP Trends and Developments in Corporate Fraud Protection Report (click here)... 

The Good news is that Check Fraud is on the decline , the bad news is that it's still a big problem. As is Credit Card and Other types of fraud. 

One way to the Scammers at their own game is Positive Pay.  See below for more.. 

“While the exciting and glamorous fraud topics today involve wire fraud, account takeovers, ID theft, and skimming, the results of the Association for Financial Professionals’ annual corporate fraud survey remind us that the most fraud vulnerable instrument available today is the paper check.”

Richard Oliver, Atlanta Federal Reserve Bank

What is Positive Pay?
Positive Pay is an automated fraud detection tool offered by the Cash Management Department of most banks. In its simplest form, it is a service that matches the account number, check number and dollar amount of each check presented for payment against a list of checks previously authorized and issued by the company. All three components of the check must match exactly or it will not pay.
MDS Allows for Positive Pay in three Ways:
• File Creation
Each bank has its own unique file format which MDS has built in templates for.

• File Transmittal
MDS will create the file and allow you to transmit the file via email, web upload or FTP

• Research The MDS Detail Check Inquiry will allow you to see who was paid on each check and email verification to the bank if requested.

TSH remains committed to providing the best in customer service and support for our client base.
Does your software company provide the latest technology and tools to combat fraud in an ever increasingly connected world? 

With responsive solutions and a large technical staff backing them up this is just one more example of the industry leading technology and solutions that are the core of The MDS-Nx System, Supply Chain Management for the Real World.

For more information on TSH or MDS call The Systems House, Inc. at 1-800- MDS-5556. Or send a message to
Click here and tell us how we can help you with your business solutions.