Prevent Check Fraud
One of the most important means of deterring check fraud is to exclusively use MICR toners and printers. However, you should also incorporate other safety methods in order to deter check fraud, such as using the best type of check stock; utilizing security fonts; educating your employees; and using positive pay and a secure MICR printer solution.
If someone attempts to duplicate a check on a copier, the toner on the copy would indicate “regular” toner, rather than MICR. It is much more difficult to photocopy a check when MICR toner is used, and it is also easier to detect a fraudulent copy.
When blank check stock is being used, it is necessary to use MICR printer solution in order to practically eliminate the chance for check fraud. Pre-printed check stock can simply be accessed and maneuvered, whereas blank check stock is relatively useless to a criminal before it is printed. It is extremely important to select a highly secure technological company that uses secure MICR printer solutions in order to incorporate different security features so that the check printing process will be secure from beginning to end. By utilizing these secure elements, there will be no risk of unauthorized access to the printer, fonts, check stock or the data that is being forwarded to the printer.
You can and should take other safety precautions, especially if you notice or suspect any signs of check fraud. Whether or not you suspect any check fraud, it is important to reconcile your checking account statement as soon as you receive it. Then you will have a greater chance of dealing with and solving the problems or potential problems since you will have (hopefully) caught the problems in the early stages.
There is a system called “due diligence” which indicates that you have done what you can to prevent and discourage fraud. You must utilize a minimum of three security features, according to industry standards. Some of these features include one that is visible to the naked eye; one that is invisible (covert) to the naked eye; and one that makes it difficult to alter the information on the check and one that makes it difficult to photocopy.
If due diligence is not used, businesses are at risk for fraud, and are responsible for their lost funds. In other words, if due diligence is not practiced, the bank will most likely not cover any losses resulting from fraud due to the fact that you did not take the necessary steps to prevent it from occurring. You have a greater chance of being compensated by the bank if fraud should occur, if you have taken the necessary steps to prevent fraud from occurring. This would include exercising due diligence and implementing security features in your checks by having them printed with MICR toner.
It is crucial to learn all you can about the important steps you can take and the products you can buy to prevent check fraud in today’s high tech society where criminals try to stay a step or two ahead of the “game.”