How to Safeguard Your Business Against Growing Check Fraud Risks

ARTICLE | October 29, 2024

Authored by Vasquez + Company

Check fraud is a growing concern as criminals exploit the simplicity of traditional paper checks, leading to significant financial losses. The article "Safeguarding Against Check Fraud" explores recent statistics on the rising trend of check fraud and provides seven key preventive measures individuals and businesses can take to protect themselves.

Key Points:

• Prevalence: Check fraud has escalated, with losses totaling $24 billion in 2023 alone.
• Methods: Common tactics include stolen, forged, altered, or counterfeit checks.
• Impact: Beyond financial loss, check fraud can harm credit scores, incur fees, and disrupt business operations.
• Prevention: Strategies like using alternative payment methods, employing bank security tools, and storing checks securely are vital defenses.

By adopting these fraud-prevention practices, businesses and individuals can reduce their risk and maintain better financial security.

For further details, read the full article here.

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