We look to the 2024 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
- The FDIC does not cover losses due to theft or fraud.
- 51% of businesses recouped LESS than 50% of total lost funds and 30% Recouped ZERO funds.
- 80% of organizations were victims of payments fraud attacks/attempts in 2023.
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.
- Check issue and printing software (secure software features integrated with secure printer)
- Secure MICR printers with certified MICR toner
- Blank check stock instead of pre-printed check stock
- Printer and software security features:
- Encryption of print stream all the way to the printer; decryption at the printer
- Set copy count to one
- Turn off jam recovery
- Source Technologies’ microfont
- Source Technologies’ secure dollar font
- Bidirectional communication from printer back to software that the document was successfully printed
- Source 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.
