There is little to no awareness in the business community when it comes to check fraud. It appears that as digital technology grows, companies are more concerned with cybersecurity… and printed payment security has fallen to the wayside.
Almost all business executives (95%) make payments using checks. 70% of those same business execs said they were concerned with the cybersecurity risks of online banking portals, and less than 10% cite management of check fraud as valuable.¹
The financial loss of check fraud can cost an organization between 0.5% and 1.5% of total revenue, plus the harm in brand reputation and the loss of employee and customer trust compounds the overall damage. There is no sign of check fraud declining ₂ and since checks are still the number one method for B2B payments, it’s time for organizations to rethink their check printing process.
Help us raise awareness by sharing this infographic. Check printing is not dead- and neither is check fraud. A modern, secure, tamper-resistant solution is the only way to fight the fraudsters. These are the components you need to safeguard your brand from the damage of check fraud.
¹JP Morgan Chase. Executive Opinions on Digital Banking and the Changing Payments Landscape. 11 July 2018.
₂ 2018 AFP Payments Fraud and Control Survey Report. Key Highlights. J.P. Morgan.
Related Posts
Bank Tellers Are Going Away. What's Next?
The landscape of banking has undergone significant transformation. One notable shift is the steady decline in bank teller jobs, a trend driven by technological advancements,..
Platform Revolution: 4th Generation of Core Banking
The 4th generation of core banking has arrived, bringing with it a platform revolution that is reshaping the banking industry. This transformation heralds the transition from..
5 ATM Features Banks Need in a Cashless Society
As contactless payments, digital wallets, and online banking increasingly become the norm, the reliance on cash is steadily diminishing. This shift towards a cashless society is..
Leave a Reply