$2 Tip
Check fraud is a very real threat that can cripple a small business. 70% of organizations experienced check fraud last year. We’ve helped victims of it strengthen their security protocols. Common check fraud techniques include photocopying valid checks to deposit multiple times, creating fraudulent checks with stolen bank account information, and soaking stolen checks in chemical washes to remove the toner and replace with a different payee name and amount.
The movie “Catch Me If You Can” tells the story of Frank Abagnale’s early life as a con man, check forger, and impostor. Not proud of his past, Frank has dedicated his adult years helping the government and thousands of corporations combat identity theft, cybercrime, and financial fraud. Watch this 3-minute video of Frank’s $2 tip and go get one!
Here again, are some of our other top tips to guard against fraud:
- Activate positive pay with your bank to ensure that your checks are cashed as intended.
- Mask your bank account info on your paper checks to avoid check washing schemes.
- Pay vendors and reimburse employees via e-Payment, transferring funds directly between bank accounts.
- Use online timesheets with GPS tracking on smartphones to protect against buddy-punching.
- Separate financial duties to ensure no one person controls all parts of a financial transaction.
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