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How many of you have Payee Name Verification (PNV) set up with your bank?  

There is a new wave of fraud going on near you. We are starting to see more fraud coming through where legitimate checks are issued and mailed to payees, but then stolen in transit, the name of the payee is altered, and cashed by the fraudster.   

We recommend that you reach out to your bank to verify that your account has PNV, and if it does not, then I would add quickly.    

When banks began utilizing positive pay many years ago, it was just verifying the amount and check number, but as time goes by, fraudsters seem to find a crack in the door and then it changes protection for us all.   

A couple of years ago, some banks started to add PNV that can now verify the payee, check number, and amount. I suggest having this put into place immediately because the bank will hold you accountable if a fraud check goes through and it wasn’t stopped prior to the cut-off time. 

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Mary Anne Harris
Owner/President
Positively Balanced, LLC
Acworth GA
+1 (770) 975-1475
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