Paper checks remain the most frequently used payment method for business-to-business transactions, and they are also the most often targeted payment method and account for the largest loss due to fraud. Unauthorized access, duplication, hacking, and fraud are all risks facing businesses that utilize checks for transactions. With fraud as a prevalent business threat, it is critical that business owners implement protective measures. Learn smart ways to protect your business from check fraud, including how you can mitigate check fraud risk with high security checks.
How do high security checks help prevent fraud?
High security checks include a variety of state-of-the-art security features to reduce the risk of check fraud such as complex color patterns, anti-copy technology, watermarks, holograms, thermochromic ink, chemically sensitive paper, and a chemical-wash detection area. Businesses should also implement strong organizational controls to help identify and prevent check fraud.
What Are High Security Checks?
Criminals manipulate checks in various ways, such as altered and counterfeit checks, in order to defraud businesses every day. While regular checks only have basic security features, high security checks feature the latest technology and are designed to help prevent and detect attempted fraud, and provide extra protection against identity theft.
These security features, designed to make it more challenging for criminals to alter or copy them, help businesses to more easily recognize when an alteration has been attempted and identify if a check is an original document. With multiple layers of defense to help protect against fraud, check with EZShield Check Fraud Protection are more secure than standard checks.
How do Secure Checks Mitigate Check Fraud?
The right checks can increase efficiency and protection. Businesses should look to use checks that include a variety of state-of-the-art security features such as watermarks, holograms, thermochromic ink, and printed on special paper resistant to copying and tampering.
How Secure Checks Help Prevent Fraud
Complex Color Patterns – high-resolution borders, complex color patterns, and specific background colors can make these checks more difficult for criminals to reproduce.
Anti-Copy Technology – This feature makes it more difficult for criminals to copy a document on the most commonly used copiers, giving fraudsters a blank or black page when they try to copy your checks.
Thermochromic Ink – This ink reacts to heat, specifically it disappears when heat is applied. Copied checks will not be able to replicate this feature, making it easier to detect counterfeit checks.
Safety Hologram – Foil holograms add another layer of protection to your checks. These holograms have embedded security features that cannot be reproduced by copiers or scanners.
Watermark – Many businesses already utilize watermarks on their contracts and important documents. Including watermarks in your checks adds another layer of security that cannot be reproduced by copiers or scanners. Typically, these watermarks can be seen when holding the check up to a light source.
High security checks can also include fraud protection features that can’t be seen, such as chemically sensitive paper and a chemical-wash detection area. These built-in security features can reduce the risk of check fraud and protect you from financial losses.
In combination with utilizing fraud protection checks, businesses should also consider implementing these best practices:
- Store checks under lock and key in a safe, controlled environment away from signature stamps.
- Segregate duties, making sure more than one person handles accounts payable.
- Reconcile accounts promptly.
- Order checks from a reputable source
Are Additional Security Measures Worth The Investment?
The checks you use are an essential part of your everyday business operations, and businesses should consider their overall cost when deciding whether or not high-security checks are worth the investment.
Considering that checks are the most often targeted payment method for businesses, as well as the high potential for losses associated with fraud, it’s wise for businesses to invest in more proactive security measures. Businesses shouldn’t have to worry about security every time they use a check, and anti-fraud measures in specially made checks can provide business owners with peace of mind.
High security business checks can help protect your business from financial loss and fraud. Replace your existing standard checks with high security checks from DFS to increase efficiency and protection, helping you remain as secure from fraud as possible.
Contact us today to be matched with a DFS business advisor.
Key Takeaways
- While regular checks only have basic security features, high security checks feature the latest technology and are designed to help prevent and detect attempted fraud.
- High security checks include a variety of state-of-the-art security features to reduce the risk of check fraud such as watermarks, holograms, and thermochromic ink.
- When the overall cost of each check is considered, the difference in price between a plain check and a high-security check is generally just pennies per check.
- Replace your existing standard checks with high security checks from DFS that can increase efficiency and protection.
