5 Important Ways to Protect Your Business Against Check Fraud
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As payment solution providers, we field questions from customers everyday who want more information about protecting their business from the dangers of check fraud. Learn the 5 most important ways to protect your corporate assets in this presentation, including fraud statistics, fraud techniques, check security, MICR technology and more.
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5 Important Ways to Protect Your Business Against Check Fraud
- 1. The 5 Most Important Ways to Protect Your Business Against Check Fraud
- 2. relyco.com 3 Questions to Consider 1. How important is it to protect your corporate assets? 2. What damage could be done if your information was stolen/altered? 3. Are you currently at risk of fraud or worse, a victim?
- 3. relyco.com Knowledge is Key Knowledge of current payments fraud practices and preventative measures helps companies implement products and processes necessary to protect corporate assets.
- 4. relyco.com 1. Get to Know the Numbers Payment Fraud Continues to Rise – With Checks in the Lead 60% 27% 82% Organizations exposed to actual or attempted payments fraud Financial professionals that experienced an increase in payments fraud from 2012 Checks are the primary target for fraud attacks
- 5. relyco.com 2. Think Like a Criminal “Know your enemy as you know yourself and you can fight a hundred battles with no danger of defeat” ~ Chinese Proverb Lifting Toner Off the Check Altering the MICR Line Chemical Washing Photocopying & Scanning
- 6. relyco.com 3. Outsmart with Security Overt Covert Anti-alteration Anti-copy
- 7. relyco.com 3. Outsmart with Security – Real Examples
- 8. relyco.com 3. Outsmart with Security – Real Examples
- 9. relyco.com 4. Combine Technology to Fight Fraud
- 10. relyco.com 5. Work with a Trusted Advisor • Relyco has been a pioneering force in the continuing research of fraud prevention strategies since 1989. • Member of the American National Standards Institute (ANSI) ASC X9AB check processing subcommittee • Combined experience of over 100 years in check security and customer service
- 11. relyco.com Products We Offer to Help You Prevent Fraud
- 12. relyco.com Custom Check Solutions When “out of the box” isn’t enough • Expert advice and ability to create checks to meet your needs • All major security papers available: chemical stain reactions, bleach voids and stains, toner bond enhancers, Fourdrinier watermarks • Unlimited colors and color matching • Checks designed to meet U.S. (ANSI) or Canadian (CPA) Standards • Free design and security consultation
- 13. relyco.com 2014 AFP Payments Fraud and Control Survey. Retrieved February 27, 2015 www.afponline.org Overview of Positive Pay. Retrieved February 27, 2015 www.positivepay.net How to Prevent Check Fraud: Check Security Q&A. Retrieved February 27, 2015 www.relyco.com/blog/laser-check-printing/prevent-check-fraud-check-security-qa/ Security Checks vs. Positive Pay for Preventing Check Fraud. Retrieved February 27, 2015 www.relyco.com/blog/laser-check-printing/security-checks-vs-positive-pay-preventing- check-fraud/ Resources
- 14. relyco.com Who We Are Since 1989, Relyco has been a leading supplier of business printing and payment solutions to corporations, governments and institutions around the world.. The Specialty Paper Experts Our vision at Relyco is to serve our customers as an innovative and strategic print and payment expert. Our Vision Our Mission To provide customers with dependable, guaranteed products and consultative services that meet their unique business requirements.
- 15. relyco.com Our Solutions: Business Printing & Payments for Any Industry Insurance Mail House & Direct Mail Print Shops & Printing EducationAccounts Payable & Payroll Financial & Banking Government Manufacturing & Shipping Legal Custom SolutionsRetail Healthcare
- 16. Connect With Us to Learn More! 121 Broadway • Dover NH 03820 • (800) 777-7359 info@relyco.com www.relyco.com store.relyco.com
Notas del editor
- The data we are sharing with you today comes from the 2014 AFP Payments Fraud and Control Survey. No method of payment is 100% secure: Credit/Debit Cards including corporate and consumer credit cards account for 43% of fraud ACH Debit 22% Wire Transfers 14% ACH Credits 9%
- The data we are sharing with you today comes from the 2014 AFP Payments Fraud and Control Survey. No method of payment is 100% secure: Credit/Debit Cards including corporate and consumer credit cards account for 43% of fraud ACH Debit 22% Wire Transfers 14% ACH Credits 9%
- The data we are sharing with you today comes from the 2014 AFP Payments Fraud and Control Survey. No method of payment is 100% secure: Credit/Debit Cards including corporate and consumer credit cards account for 43% of fraud ACH Debit 22% Wire Transfers 14% ACH Credits 9%
- To comply with the ANSI standards for check processing security, all checks must have at least three security features and at least one security feature must cover each of these four areas.
- Example of covert
- 81% of respondents from the 2014 AFP Survey use it and other internal processes. Why is it then, that 80% of reported fraud cases are check-related? If positive pay was enough to protect assets, we wouldn’t be having this conversation right now. In order to successfully protect your business from becoming a victim of fraud, combining these solutions will help you achieve the best results Positive Pay Automated fraud detection tool offered by most banks that matches account #, check # and $ amount against a list of previously authorized checks. Secure Checks Over 17 different security features to boost fraud protection MICR Check Printing ASK JONI
- 81% of respondents from the 2014 AFP Survey use positive pay and other internal processes. Why is it then, that 80% of reported fraud cases are check-related? If positive pay was enough to protect assets, we wouldn’t be having this conversation right now. In order to successfully protect your business from becoming a victim of fraud, you need to combine
- Business checks, Envelopes, Pressure Seal, MICR printers/toner