Although online banking is becoming more prevalent, traditional checks are still common for businesses. We mail them, carry them around with us, pay employees by check, and we assume the banks will help us in case of check problems.
But here are some statistics you might find surprising. One in 4 small businesses experience fraud of some type. The median loss from fraud is $150,000 and as a result of fraud, 30% of businesses fail. That’s not trivial!
Surprising to many, check fraud is actually more common than credit card fraud. In fact, nearly 4 in 5 fraud attempts are from check fraud. Today’s technology makes check fraud even easier. And banks are often not required to reimburse you in full for check fraud. Ouch!
Intuit worked with Frank Abagnale to develop more secure checks. If you’re like me and don’t recognize the name, Frank was the subject in the movie Catch Me If You Can (Leonardo DiCaprio played Frank). He’s now an FBI fraud trainer. There are 27 overt & covert features in these new checks designed to help keep you safe. Here are just a few of those features:
- Chemically reactive paper if someone tries to “wash” the check
- Heat sensitive icon on the check
- Erasure Evident if someone tries to erase any imprint
- Multi-colored background – harder to duplicate
- Tamper-Resistant Toner area – if someone tries to change the payee
- Invisible Fluorescent Fibers making reproduction nearly impossible
- Void Indication – confirm counterfeiting
- Fraud sensitive ink exposes forgery attempts
- Security weave
Currently you can’t purchase checks like these anywhere else. They don’t cost much more than the other checks you purchased from Intuit or other sources and currently I can get you a 35% discount off the regular Intuit price. So if you want to be proactive and order now, let me know. If you prefer to wait until it’s time to reorder checks, please contact us when you are low so we can help you get the best price.