Positive Pay

Paper Summary:

The writer explores how a positive pay system can help reduce the incidence of check fraud for individual companies and corporations.
The paper examines shocking statistics of check fraud research and explains how positive pay works. The paper advocates the use of positive pay for a large corporation so they will detect counterfeit and unauthorized checks.

Outline:
Introduction
Some Facts
What is Check Fraud
Why Positive Pay is a Valid Option
Conclusion

From the Paper:

"As the world of technology continues to increase, mankind has reached heights never before imagined. Today, with the click of a mouse one can plan and pay for vacations, manage stock portfolios, shop around the world and research any topic they are interested in. It has been a significant benefit to mankind, but with the positive aspects of technology also comes some negative aspects of its use."
"Check fraud losses are on the rise throughout America. In 1999 there was an estimated loss of $15 billion due to check fraud according to statistics compiled by the United States government(Statistics http://www.ipsboston.com/pdcfpps_statistics.htm). The losses were not confined to one or two financial institutions either. Reports indicate that 99 percent of all large banks experienced check fraud loss(Statistics http://www.ipsboston.com/pdcfpps_statistics.htm)."

Sample of Sources Used:

• Overview of Positive Pay (accessed 2-1-07)http://www.positivepay.net/
• Check fraud (accessed 2-1-07)http://www.ipsboston.com/pdcfpps_typesofcheckfraud.htm
• Increasing problem(accessed 2-1-07)http://www.ipsboston.com/pdcfpps_whyitsgrowing.htm
• Statistics(accessed 2-1-07)http://www.ipsboston.com/pdcfpps_statistics.htm
• Protection from Check Fraud and Losses (accessed 2-1-07)http://www.ipsboston.com/pdcfpps_preventativemeasures.htm

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