Fraud has become more of a factor for consumers and businesses alike, especially check fraud. Several recent media reports have incorrectly positioned the process of sending checks via postal mail as unsafe. Despite those reports, checks are still a secure form of payment and one of the safest ways to send money.
Checking fraud typically takes three forms:
Fraud prevention measures enacted by check vendors ensure added security for financial institutions and their customers or members. To close the gap between expectation and reality, financial institutions must find new ways to restore confidence in the check ordering process and rise to meet their consumers’ expectations for best-in-class check delivery. One of these ways is through trackable check delivery.
Let’s review what you can do as a bank or credit union to protect yourself from check fraud and what advice you can provide your customers or members to ease their concerns.
For Banks and Credit Unions
When depositing or cashing a check for a customer or member:
Advice for Check Users
When ordering or paying with checks remember to:
Bonus Tip: Only make checks payable to a person or business, not cash. If the check is written to cash and is lost or stolen, the check can be cashed by anyone. Additionally, only endorse a check when you are ready to cash or deposit it.
At Vericast, we’re doing our part to keep your customers’ check orders safe and secure.
How Vericast Keeps Checks Safe
Count on us to deliver the superior security features, customization, and print technology that protects both our check program clients and their customers and members.