How Big a Problem is Check Fraud?

We look to the 2018 AFP Payments and Fraud Survey report for the most recent facts on check fraud. Take a look at a few relevant data points about check fraud from this report:

  • Checks and wire transfers are primary fraud targets
  • Managing check fraud is a top issue for businesses combating payment fraud
  • 74 percent of organizations experienced check fraud, a slight decrease from 2016
  • 67 percent of payments fraud was discovered by the organization, not the bank

Are there specific steps businesses can take and processes to adopt that will minimize your organizations exposure to check fraud? Yes. Read on!

5 THINGS TO FORTIFY YOUR CHECKS AGAINST CHECK FRAUD

The best way to deter check fraud is through a combination of efforts, including quality blank check stock, using secure fonts on the printed check, employee education, positive pay, and a comprehensive secure MICR printer solution.

  1. Check issue and printing software (secure software features integrated with secure printer)
  2. Secure MICR printers with certified MICR toner
  3. Blank check stock instead of pre-printed check stock
  4. Printer and software security features:
    1. Encryption of print stream all the way to the printer; decryption at the printer
    2. Set copy count to one
    3. Turn off jam recovery
    4. Source Technologies’ microfont
    5. Source Technologies’ secure dollar font
    6. Bidirectional communication from printer back to software that the document was successfully printed
  5. Positive PaySource Technologies’ MICR printers offer unparalleled security features to prevent unauthorized printing or reproduction of checks. With our solution, the printer hardware, blank check stock, fonts, and data stream provide a cumulative secured solution, which fortifies you against experiencing internal check fraud from employees, or externally from check forgeries.

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