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 such security measure that individuals and businesses can put into place is by keeping their financial documents locked in a secure area and limiting access to one or two other people. By limiting access to checks, a person or business can reduce fraud and prevent checks from being misused. With modern technology such as computer printers and color copiers it is easy for criminals to duplicate checks that are not easily spotted as being counterfeit. This creates a liability to a business or person if money is stolen from their 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.
If you must mail a check do so from a secure location. The post office internal mail system is the best method to use. Take your mail into the post office to be mailed rather than use a street side mailbox. Criminals often watch mail carriers and other people mailing from a particular location and they can retrieve checks from the mailbox easier than if it was mailed inside the post office.
Do reconcile your checkbook at the end of each month to ensure that your account is balanced and shows no suspicious activity. By reconciling your checkbook this will give you a first glance into any fraud that may have occurred on the account. Also never use your checks out of sequence as this is also a safety measure that will ensure you will be able to detect if checks are stolen.
For businesses and retailers that cash checks, you should look at the check carefully to detect any unusual markings or misprints. Often criminals will wash checks in certain chemicals in order to write in their information so look for any color discrepancies. Also look at the routing and account numbers along with the check number. All these numbers should match. The MICR numbers on the bottom should be dull in color as it is magnetic ink and criminals cannot easily duplicate magnetic numbers. Shiny MICR numbers are a sign of a counterfeit check.
Ordering checks from a reliable source is also a good measure to take against check fraud. When you order them, there should be options for security checks that include water marks and other symbols that criminals cannot easily duplicate. This helps to safeguard your accounts.
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 such security measure that individuals and businesses can put into place is by keeping their financial documents locked in a secure area and limiting access to one or two other people. By limiting access to checks, a person or business can reduce fraud and prevent checks from being misused. With modern technology such as computer printers and color copiers it is easy for criminals to duplicate checks that are not easily spotted as being counterfeit. This creates a liability to a business or person if money is stolen from their 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.
If you must mail a check do so from a secure location. The post office internal mail system is the best method to use. Take your mail into the post office to be mailed rather than use a street side mailbox. Criminals often watch mail carriers and other people mailing from a particular location and they can retrieve checks from the mailbox easier than if it was mailed inside the post office.
Do reconcile your checkbook at the end of each month to ensure that your account is balanced and shows no suspicious activity. By reconciling your checkbook this will give you a first glance into any fraud that may have occurred on the account. Also never use your checks out of sequence as this is also a safety measure that will ensure you will be able to detect if checks are stolen.
For businesses and retailers that cash checks, you should look at the check carefully to detect any unusual markings or misprints. Often criminals will wash checks in certain chemicals in order to write in their information so look for any color discrepancies. Also look at the routing and account numbers along with the check number. All these numbers should match. The MICR numbers on the bottom should be dull in color as it is magnetic ink and criminals cannot easily duplicate magnetic numbers. Shiny MICR numbers are a sign of a counterfeit check.
Ordering checks from a reliable source is also a good measure to take against check fraud. When you order them, there should be options for security checks that include water marks and other symbols that criminals cannot easily duplicate. This helps to safeguard your accounts.
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.