With 75% of all B2B payments made by check,1 the risks of check fraud should be a concern for all B2B organizations accepting and sending payments. By engineering distinct security features for printers, Source Technologies has designed secure print solutions for B2Bs to minimize their risk of check fraud.
The 5 Risks of Check Fraud Defined
Since checks are the payment type that is most vulnerable to fraud attacks, it is critical for small business and corporations alike to understand the various types of check fraud. Using pre-printed check stock, businesses are exposed to the following types of fraudulent activity:
- Check Stock Pilfering
- Forged Signatures
- Altered Checks
- Counterfeit Checks
- Check Duplication
Using Source Technologies MICR secure print solutions, blank checks printed on-demand are secured, and businesses are protected against the malicious intent of people committing check fraud.
How Secure Print Solutions Reduces Risk of Check Fraud
By automating the issuance of paychecks and other checks, businesses often allow convenience to overshadow the risk of check fraud. Since not all check printing software is equal, the above risks we mentioned are not always protected against. At Source Technologies, our secure print solutions provide the security features that reduce businesses’ risks of check fraud.
“It’s been my experience that the bank is not going to pay on a loss unless you can prove the bank was negligent in handling that check,” says Frank Abagnale, an industry expert on check fraud, secure documents and forgery. “If the bank can prove that you were negligent in handling that check, you’re going to be left with that liability. So, it is a smart business person who tries to make sure that everything they do with their check — using a secure check, the way they issue the check, the type of program they use — is everything they need to do to remove any possibility of liability being shifted back to them.”
Through password protection, a front panel security lock, tray locking, DES encryption/decryption and other secure print solutions and MICR features, we provide the highest level of security available for both small business and corporations.
Printer features that reduces the Risk of Check Fraud
Using blank check stock versus pre-printed checks is the most fundamental and cost-saving way to reduce your company’s risk of check fraud. Here are just some of the features we engineered into our secure print solution that reduce your risk and vulnerability to check fraud:
- Set Copy Count to One – Numerous copies of one MICR check is disallowed with a PCL setting on our MICR printers.
- Microprint Font – Source Technologies’ MICR secure print solution includes embedded micro text and numbers not obvious to the naked eye to prevent fraud.
- Password Protection – Only authorized users with security credentials in our MICR software can print checks and access stored signatures.
- Complete Audit Trail – Our secure print solution software supports comprehensive written records tracking check printing activity through user-defined settings.
For more information on how to reduce your business’ risk of check fraud, contact Source Technologies today!