Tips for Preventing Check Fraud at Your Business
If you are running a business then there is a good chance that at some point you must deal with checks, so here’s a good question: how do you prevent check fraud? If you think about it, checks themselves are a bit problematic, especially when you consider that a check is simply a promise of money at some point in the future. It represents money in the bank, but if there is no money backing it, then the check is fraudulent. Even worse, if you print a check at your business, and there IS money backing it, you want to make sure that you have approved that printing. Even if you are using a Wycom check signer to streamline check signing, there are still a few things you can do to ensure that the checks sent out are legitimate and that they do not encounter any problems.
Avoid Pre-Printed Check Stock
In the interest of saving time you might have decided to use pre-printed check stock, and while this seems like a good idea, in theory, it can make things way too easy for would-be fraudsters within your organization. If you want to make it harder to forge checks on your account, then you should use secure blank check stock along with a MICR laser and the appropriate Wycom laser check printing solution.
Complicate the Process
You might want to simplify everything within your business, but when it comes to money, this is not the best option. If you believe there is an existing risk of , then you should make sure that one single person does not have access to the entire operation. You may need to create some new departments, but if you fragment the check writing and signing procedure, you can ensure that the actions of a single person will affect only one small part of the process. Then, if someone does attempt fraud of any kind, you can easily pinpoint who started it and where they work within your organization.
Keep your Security Elevated
Electronic check signers add an extra step to the process which is a very good idea. This ensures that more than one person is involved in the check disbursement process. In our opinion, check signers and other pieces of hardware like them do a great job of preventing fraud and most importantly, they keep the money where it belongs: flowing through your business. There are far too many cases in which a business owner might look at their finances and notice a leak, and in some cases, dishonest employees are extremely good at covering their tracks. We’re not saying that this is the absolute cause of your financial issues, but we are saying that the use our Wycom solutions can help to close one potential hole, giving you peace of mind as to where all of your funds are being directed. For more information, check out our inventory of check signers, laser check printing solutions and our new Wycom WyPayment solution that provides for payment approval for all processed checks! We are ready to help bring your check disbursement security to the next level.