We’ve come a long way since the days when banknotes and coins were the sole method of currency exchange. Hot off the press, the 2012 Association for Financial Professionals Payments Fraud and Control Survey offers some startling statistics on payments fraud.
The survey revealed that 61% of US organizations experienced some type of payments fraud in 2012; of these, 87% reported that checks were the target of the attempts or actual occurrences of fraud. (The second highest form of payments fraud was corporate purchasing cards at 29%.) These statistics confirm that even in the time of other more technologically advanced forms of payment, companies are still using checks. Of the companies in the study, fifty-three percent experienced check fraud up to five times during the year, while twenty-two percent saw at least 20 check fraud attempts. Of all check fraud reported by these companies in 2012, payee name was the number one targeted field, altered 49% of the time.
These sobering numbers illustrate more than ever the need to protect your printed checks from attempted fraud, forgery and counterfeit. One can speculate that those payee names were altered by ‘check washing’ – chemical alteration of the toner or ink used to produce the check. Had these companies used TROY MICR Toner Secure for printing checks, the attempted forgeries would have been met with the appearance of a patented red dye that’s included in the toner formulation, rendering the check useless as the fraud attempt became immediately apparent. TROY also offers security check paper to eliminate the necessity of preprinted check stock. When you print checks on demand on security check paper, you control the payment process from the moment you hit “PRINT”. TROY check paper comes with varying levels of security features built-in so you can choose an additional layer of security, depending on your needs.
Secure printing solutions like TROY’s can provide assurance that your company doesn’t become a statistic in next year’s report.