Protect Yourself From Check Fraud
5 easy steps
It's 10 o'clock. Do you know where your checks are-or are forgers making a fortune off you? Today's technology has made it easier than ever for crooks to commit check fraud. More than 1 million bad checks enter the banking system every day. But you can protect your business. Here's how:
- Store your checks in a secure area.
- Track check numbers so you'll notice missing checks.
- Evaluate your check-issuing process, and conduct an audit to detect any risk areas.
- Everyone hates to do it, but you must reconcile your bank statements as soon as possible.
- Add several security features to your checks. Your checks should indicate that they're protected, and you should inform your bank of the security measures you've taken. If the bank pays a check that doesn't include your security features, you're not responsible for the loss.