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
I also have another more in depth article about check washing and the type of High Security Checks you should be using to protect your business, that article can be found by following this LINK.
