Money Buzz 10/01
What to do to protect yourself from check fraud, the ins and outs of variable rate credit cards and more
Does the $12 billion to $15 billion a year the Office of the Comptroller of the Currency estimates is lost to check fraud affect you? If you think it's your bank's concern, times have changed. The Uniform Commercial Code was altered in the early 1990s to transfer check-fraud liability from the banks to their business customers, and entrepreneurs were hit hard.
Maybe it's time to worry about rogues duplicating your business's checks-an increasing threat with today's printing technology. Some banks, including Fleet and Wachovia, offer positive pay service, a system that allows you to log each check your accounting system generates. The bank then matches your record with the numbers on incoming checks; if they don't add up, the bank can deny payment.
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