Check fraud is perhaps one of the biggest problems for consumers and businesses alike. The estimated total amount that check fraud costs is into the billions of dollars a year. Many consumers and businesses lack certain safeguards for check fraud prevention but these tips may help to combat this problem in the future.
One tip that both businesses and consumers can do to prevent this problem is to secure their financial documents under lock and key and limit access to them to one or two people. When you limit access to the checks, this can reduce the possibility of having checks come up missing or being copied by other sophisticated means such as with computer technology. If a defrauder can get checks from you they can copy them over and over again with different information leaving you liable for the money stolen from your accounts.
When people use rubber signature stamps this also opens them up for check fraud if their stamp is stolen or used to endorse stolen checks. This further gives criminals access to being able to cash your checks without your knowledge and the banks usually don't question this endorsement method. Once the check is cashed and approved, it may be more difficult to prove fraudulent activity with a rubber stamp signature.
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.
If you order your checks from a reputable source, ensure that you have certain security features in place to prevent fraud and counterfeiting. One such security feature is the watermark which is not easily duplicated and can help to prevent crimes against your account. Other security features include perforation marks and special paper that prevents checks from being washed and reused.
These tips should help you to combat crimes against your accounts and give you some peace of mind. There are many other methods to help you and these are only a few of them. If you want further information you should do your research on how to prevent this crime and get more methods to use to secure your financial documents in the future.
One tip that both businesses and consumers can do to prevent this problem is to secure their financial documents under lock and key and limit access to them to one or two people. When you limit access to the checks, this can reduce the possibility of having checks come up missing or being copied by other sophisticated means such as with computer technology. If a defrauder can get checks from you they can copy them over and over again with different information leaving you liable for the money stolen from your accounts.
When people use rubber signature stamps this also opens them up for check fraud if their stamp is stolen or used to endorse stolen checks. This further gives criminals access to being able to cash your checks without your knowledge and the banks usually don't question this endorsement method. Once the check is cashed and approved, it may be more difficult to prove fraudulent activity with a rubber stamp signature.
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.
If you order your checks from a reputable source, ensure that you have certain security features in place to prevent fraud and counterfeiting. One such security feature is the watermark which is not easily duplicated and can help to prevent crimes against your account. Other security features include perforation marks and special paper that prevents checks from being washed and reused.
These tips should help you to combat crimes against your accounts and give you some peace of mind. There are many other methods to help you and these are only a few of them. If you want further information you should do your research on how to prevent this crime and get more methods to use to secure your financial documents in the future.
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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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