Surprising to many, check fraud is 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! So what can you do? Here are some suggestions:
Use fewer checks by:
- Using direct deposit for employees. The majority of employees like this, too. (not to mention this can save time and money).
- If you’ve been using Intuit payroll for a long time and don’t want the direct deposit fees, there are some options. Contact our office – depending on your version of QuickBooks, the payroll product you are using and the number of employees, there are a few different options we can discuss. And because we are ProAdvisors and Intuit Premier Resellers, we’re able to get our clients special discounts. Not to mention having a specific point of contact ;-)
- For employees with no bank accounts, check out The paycheck is loaded onto a prepaid visa card which can be used as an ATM card as well as a credit card. While this can be used with most payroll companies, Intuit waives the direct deposit fee.
- Pay vendor bills online
Order secure checks. 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. Some check companies now sell checks with security features, including Intuit. In fact, Intuit worked with Frank Abagnale of Catch Me If You Can fame (with Leonardo DiCaprio as Frank) to develop more secure checks; Frank is now an FBI fraud trainer. The Intuit checks have as many as 27 overt & covert features 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
Not only are the checks more secure, but when you order the checks through us, you get a 35% discount! You can go here for more information.
A few other recommendations:
- Keep blank checks locked away
- Don’t sign blank checks
- Ask for backup documentation when signing checks (e.g. a copy of the bill you’re paying with this check)
- Require your signature or 2 signatures on checks over a certain dollar amount
- Review checks that have cleared
Let us know if you have any questions or would like to order Intuit secure checks.