Best Practices to Avoid Check Fraud

01 Apr Best Practices to Avoid Check Fraud

1. Safe storage – Checks should be securely stored.
2. Implement checks and balances – Multiple individuals should be involved with the check writing process.
3. Reduce check payments – Considering alternative payment methods like ACH or credit card will reduce the chances of account information being compromised by reducing the number of checks in circulation.
4. Mailbox fraud – Place outgoing checks in a secure mail receptacle versus a mailbox with no lock.
5. Check Positive Pay – Founders Bank offers a check fraud service to businesses called Positive Pay, at no cost. This service notifies the client of checks attempting to post that don’t match the list of checks issued and provides the ability to reject the check.
6. Regular and frequent reconciliation – Carefully review statements for accuracy and notify Founders Bank immediately with any questions.

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