Since the invention of the check, people have been constantly inventing new ways to pass fraudulent checks. The National Check Fraud Center estimates that 1.4 million fraudulent checks are written each day, costing businesses over ten billion in losses annually. Fraudulent check writers have found a friend in new technology such as color copiers, high resolution scanners and magnetic or MICR toner. MICR stands for Magnetic Ink Character Recognition, and it refers to the magnetically encoded line at the bottom of each check. Traditionally, this line could only be printed with a highly specialized magnetic ink on an offset press. However, with the advent of MICR toner and desktop laser printers, anybody with the right software, an HP LaserJet printer and blank check stock can print a check.
As a business owner, you and your company are susceptible to check fraud; however, there are ways to guard against it. Here are 6 steps that you and your business can follow to successfully defend against check fraud.
1. Print Your Own Checks Real Time – The main benefit to printing yourself is security. Traditionally a business orders check stock from a company like...
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