Keeping check fraud in check.
Protect your business from check fraud with these tips. If you would like to reduce the amount of checks your business writes, connect with our team and we'll help you find the best solution for you.
Use tightly controlled check printing procedures.
Ensure employees not involved in the accounting process do not have access to check printing equipment.
Have “checks” and balances.
If you think there is a risk for internal check fraud, make sure that one person does not have access to the entire process. Divide procedures so that each individual will only affect part of the process.
Write fewer checks by using automatic payments or electronic funds transfers.
Utilize your bank’s electronic payment features such as bill pay, ACH (automated clearing house) and EFT (electronic funds transfer). The more paperless you are, the more secure your business becomes.
Review your accounts frequently.
Utilize online banking tools to review your accounts in real-time. Many banking apps let you set up alerts for incoming and outgoing payments as well as Positive Pay services. Early detection is key to stopping fraudulent checks.