Check fraud is on the rise, even with banking upgrades it still exists now more than ever. It is one of the largest crimes committed daily with an estimated cost of billions of dollars a year. Consumers and businesses can learn about check fraud prevention and safeguard their financial accounts from future attacks.
One such security measure that individuals and businesses can put into place is by keeping their financial documents locked in a secure area and limiting access to one or two other people. By limiting access to checks, a person or business can reduce fraud and prevent checks from being misused. With modern technology such as computer printers and color copiers it is easy for criminals to duplicate checks that are not easily spotted as being counterfeit. This creates a liability to a business or person if money is stolen from their accounts.
If you are a business or even a consumer, never use rubber stamps to endorse your checks. This gives criminals easier access to authorize the document with your exact signature. It also prevents you from proving that your document was stolen and your rubber stamp used fraudulently.
Mailing checks also leaves you open to fraud. Stolen checks in the mail is a rising crime. Criminals follow mail carriers and seek out mailboxes in secluded areas in order to steal checks and other information. It is best to mail your checks inside the post office where the receptacle is monitored and secure. This prevents the possibility of your mail being stolen and possibly having checks end up in the hands of criminals. Also using a post office box is more secure than having your mail delivered to your home.
Always reconcile your checkbook at the end of the month to detect any fraudulent activity. This will be your first alert that something is wrong with your account or you may discover checks missing in sequence. Never write your checks out of sequence of numbers because it is easier to detect fraud if they are used in order.
If you are a retailer and cash checks for the public, always keep an eye out for stolen or suspicious checks being passed. Some things to look for are discrepancies in the information contained in the financial document such as mismatching numbers, and discoloration of the paper. The MICR numbers should also match the institution and check numbers at the top. Also MICR numbers at the bottom of the instrument are usually dull in color because they are magnetic, fraudulent checks numbers are often shiny and it is hard for criminals to match MICR numbers gloss exactly.
Ordering checks from a reliable source is also a good measure to take against check fraud. When you order them, there should be options for security checks that include water marks and other symbols that criminals cannot easily duplicate. This helps to safeguard your accounts.
These methods presented here can help to eliminate some of the fraud but is not all inclusive. There are many other methods to safeguard your financial documents and you can do research online to find organizations that list other things you can do. The primary concern is securing your checks and checkbook from criminals and making sure that your money is safe from being stolen.
One such security measure that individuals and businesses can put into place is by keeping their financial documents locked in a secure area and limiting access to one or two other people. By limiting access to checks, a person or business can reduce fraud and prevent checks from being misused. With modern technology such as computer printers and color copiers it is easy for criminals to duplicate checks that are not easily spotted as being counterfeit. This creates a liability to a business or person if money is stolen from their accounts.
If you are a business or even a consumer, never use rubber stamps to endorse your checks. This gives criminals easier access to authorize the document with your exact signature. It also prevents you from proving that your document was stolen and your rubber stamp used fraudulently.
Mailing checks also leaves you open to fraud. Stolen checks in the mail is a rising crime. Criminals follow mail carriers and seek out mailboxes in secluded areas in order to steal checks and other information. It is best to mail your checks inside the post office where the receptacle is monitored and secure. This prevents the possibility of your mail being stolen and possibly having checks end up in the hands of criminals. Also using a post office box is more secure than having your mail delivered to your home.
Always reconcile your checkbook at the end of the month to detect any fraudulent activity. This will be your first alert that something is wrong with your account or you may discover checks missing in sequence. Never write your checks out of sequence of numbers because it is easier to detect fraud if they are used in order.
If you are a retailer and cash checks for the public, always keep an eye out for stolen or suspicious checks being passed. Some things to look for are discrepancies in the information contained in the financial document such as mismatching numbers, and discoloration of the paper. The MICR numbers should also match the institution and check numbers at the top. Also MICR numbers at the bottom of the instrument are usually dull in color because they are magnetic, fraudulent checks numbers are often shiny and it is hard for criminals to match MICR numbers gloss exactly.
Ordering checks from a reliable source is also a good measure to take against check fraud. When you order them, there should be options for security checks that include water marks and other symbols that criminals cannot easily duplicate. This helps to safeguard your accounts.
These methods presented here can help to eliminate some of the fraud but is not all inclusive. There are many other methods to safeguard your financial documents and you can do research online to find organizations that list other things you can do. The primary concern is securing your checks and checkbook from criminals and making sure that your money is safe from being stolen.
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Find an overview of the benefits of using a check fraud prevention tool and more info about a great tool at http://ebankdiscovery.com/check-fraud/software-features today.
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