With significant changes occurring in accounts payable technology, preventing check and payment fraud has become an increasingly top-of-mind concern.
“Unfortunately, payments fraud attacks are the ‘new normal,’ and advancements in technology have opened the doors for fraudsters,” as reported in the 2020 AFP Payments Fraud and Control Survey Report.
According to the 2020 AFP Payments Fraud and Control Survey, 81 percent of companies were targets of payments fraud last year, once again proving that no industry is immune. Additionally, 74 percent of organizations experienced check fraught in 2019–up from 70 percent in 2018.
It is clear that check fraud remains a significant financial risk-factor for businesses.
It is now more important than ever to stay vigilant and start making moves that support and protect against payment fraud while working remotely. By engineering distinct security features for check payments, Checkrun has modernized check payments and added unprecedented security with 15+ security features, for your printed check.
Preventing check fraud
The key to thwarting payments fraud is prevention; check fraud and its financial and operational consequences can be virtually eliminated by simply implementing the right procedures and software solutions. Unfortunately, payments fraud attacks are the “new normal,” and advancements in technology have opened the doors for fraudsters. Here are a few tips from industry experts on how your business can prevent check fraud today:
Don’t use pre-printed check stock
Pre-printed check stock makes fraud as easy as filling in the blanks. Using Checkrun’s TruPrint blank check stock, your checks are printed in real-time and are secured with cutting-edge security features that keep businesses protected.
Keep your circle of trust small and honest
Custom workflows and role management authorizations help tighten and secure your internal controls. Mitigate additional risk by eliminating the need for excess signers, signature stamps or signed blank checks with the Checkrun Mobile Approval App.
Use check stock with security features
Check stock has its own security features that prevent copying or mimicking. Checkrun’s customized check options and layouts protect against tampering with options such as logos, watermarks, and a secure QR code that includes payment information allowing payees to validate your check’s authenticity.
Consider the benefits of using Positive Pay
Positive Pay is the most powerful fraud prevention system offered by the nation’s leading commercial banks. Your bank only pays the check listed in your Positive Pay file. Unauthorized or modified checks are not paid, and you are immediately notified of discrepancies. Positive Pay is the best defense any business or organization can implement to avoid becoming a check fraud statistic. Currently, Checkrun is the only mobile check management application to integrate services for Positive Pay.