Printech Global Payment Solutions

The Importance of Check Fraud Prevention With Check Printing Software

Check fraud is now the common scheme that financial institutions are facing in USA and Internationally. Fraud prevention measure must be taken to address the problem and avoid it.

 

Doral, FL -- (SBWIRE) -- 05/09/2012 -- Fraud prevention has become a main priority for many businesses around the globe and concerns both new and well established organizations. Statistics show that every single year there is over $600 billion lost to fraud, with counterfeiting and document fraud making up roughly two-thirds of that amount. According to BankInfoSecurity's recent Faces of Fraud Survey, check fraud is the second most common scheme institutions face, placing just behind payment card fraud and ahead of phishing.

Fraud prevention is extremely important to businesses as well as to consumers. Counterfeit checks can be difficult to notice if you do not know what to look for. The color on counterfeit checks is normally lighter or darker than a typical check; the perforation in the checks may appear a little off, and the routing number does not contain the normal nine numbers that routing numbers have. If businesses do not regularly receive checks for their services, they may not know what warning signs to look for, which is why it is important to have a software system that can assist with check processing.

CheckPlus softare provided by Printech Global Secure Payment Solutions can help business owners and consumers to avoid check fraud. In order to protect your company from check fraud, there are two things that you must address: the paper that your checks are printed on, and the printing process. If checks are not printed correctly, they can easily be altered and made into something that they are not.

The CheckPlus system utilizes a special type of reactive chemicals that have a watermark built into each check that is being printed. Legitimate checks will have a watermark somewhere on their outer surfaces. A certain type of ink should be used to print checks. Thermochromatic ink contains a special toner lock that will make it impossible for characters or numbers to be altered once the checks have been printed out. Thermochromic ink is temperature sensitive and can change color with exposure to heat. Special MICR toner is a required component when printing checks. It is composed of at least 50% iron oxide and requires using a laser printer specifically modified to handle MICR check printing.

The CheckPlus system is capable of producing checks that have a live watermark that will repeat the payee data along the front surface of the check. There are additional micro text characters that are also visible on all printed checks that can easily be detected with a magnifying glass.

Some of the fraud prevention actions include setting the maximum dollar amount accounts; producing detailed reports for large dollar items; positive pay system. These systems generate reports identifying potentially fraudulent items. Whenever checks are disbursed, you electronically send the bank file containing information on each check - check numbers, dollar amounts, payee etc. After checks are processed, the positive pay system generates a report listing exception items that do not match your checks issued information. After reviewing the report, you may instruct the bank to return any potentially fraudulent items.

It is important to have centralized check-writing function and limit and control the number of official signers. It is necessary to perform reconciliation promptly with large dollar items reconciled on a daily basis.

CheckPlus takes all the necessary precautions to ensure that business checks cannot be forged in any way. Combined with secure check stock and secure laser printer and MICR toner, Printech Global provides a turn-key solution that is highly secure and reliable. As a business owner, it is important to employ a check payment system that will help you ensure that no fraudulent activities are carried out with your printed checks.