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Check Fraud

Don’t Become a Victim of Check Fraud

Check Fraud is Costly

In the last 10 years, check fraud has increased from $12.5 billion to a staggering $20 money4billion. Because the cost of check fraud is passed on to consumers, it has big impact on your bottom line. It takes a significant amount of time and money to fix problems caused by fraudulent checks. Cleaning up in the wake of fraud will distract your company from revenue producing activities.

Check Fraud Happens Where You Least Expect It

Criminal organizations commit check fraud every day, but that only accounts for part of the problem. Institution insiders, independent operators, and even employees commit check fraud. 75% of business-to-business payments are made using checks. This leaves your company unnecessarily vulnerable. You never know when you will become a victim of check fraud. The solution to check fraud is prevention.

Stop Check Fraud Before It Happens

Piracle’s application was designed to stop check fraud before it happens. Extensive back-end safety functions including comprehensive password security, digitally
encrypted signature, logos, and ultimate account control with approval thresholds. More importantly, you will eliminate pre-printed check stock lying around your office. Printing checks to blank check stock ensures that fraudsters cannot manipulate vulnerable pre-printed checks. Enhanced compliance and framework provide an extra layer of security while eliminating the need for storage and control of pre-printed check stock.

Other Ways to Stop Check Fraud

  • Use secure documents

It is important when ordering checks to use secure checks.  MICR printing technologies and other security features ensure that your checks are not stolen and used by criminals to defraud your company.  Many criminals prey on new businesses that use starter checks.  Starter checks do not have near the security safeguards of more complicated secure checks printed by professionals.

  •  Keep a close eye on your checkbook

For businesses it is very important to always know where your company’s checkbook resides.  This often means locking your checkbook in a secure place accessible by only a few key employees.  Many business owners become too easy going when it comes to who has access to their finances.  This often results in fraud to the tune of potentially large sums of money.  You can eliminate this headache by storing blank check stock and printing the vulnerable information, as it is needed.

  •  Always balance your checkbook

Another way to prevent check fraud is to constantly balance your checkbook.  This allows you to see where your money is being spent.  Balancing your checkbook should allow you to quickly notice if significant sums of money are missing. Spending the time to do this can save you countless hours of stress should someone attempt to steal money from you.

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