Check Washing & Check Fraud Countermeasures
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Has your organization been a victim of check washing or check fraud? Don’t think it could happen to you? Read more
Fraud Facts for ANY SIZE Organization:
Occupation Fraud is classified in three categories, Asset Misappropriation, Corruption, and Financial Statement Fraud.
Asset Misappropriation is the most common fraud used in over 89% of cases and a median loss of $100k according to Association of Certified Fraud Examiners.
The median time before a business detects check tampering is 24 months.
A tip rather than audits, reconciliation, monitoring, or surveillance detects occupational fraud.
Most organizations do not have a Fraud – Reporting System
Takeaway & Countermeasure to preventing Check Fraud
Choose “signature required” when receiving new checks to avoid interception
Always store your checks in a secure location
Know the difference between A High Security Check & Regular Business Check
Set up an anonymous hotline to report fraud with your business
Implement a Fraud – Reporting System
ARE YOU SERIOUS ABOUT PROTECTING YOUR BUSINESS ASSETS? CLICK HERE