Tips for Preventing Check Fraud

These tips can help reduce your company's exposure to check fraud.

 

Control Your Checks and Financial Documents

  • Use high-quality, blank check stock with built-in security features, which may include fluorescent fibers, watermark, chemical resistance, bleach-reactive brown stain, photocopy void pantograph, endorsement backer, thermo-chromic ink, micro-printing, warning band border, laid lines or non-negotiable marks.
  • Securely store check stock, deposit slips, bank statements and canceled checks.
  • Implement secure processes for financial document destruction.
  • Establish an employee order/reorder policy for check stock.
  • Purchase stock from known vendors.
 
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Help Protect Your Accounts

Two-thirds of organizations surveyed were victims of actual or attempted payments fraud in 2011.Footnote  (Opens Overlay) Among organizations that suffered a financial loss, the typical loss was $19,200.

 

Chase Dual ControlSM

Help reduce fraud by requiring additional approvals for your transactions.

 
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Establish Internal Controls

  • Segregate duties.
  • Assign different employees to make payments and reconcile accounts.
  • Require secondary approval for exceptions if the purchase order does not match the invoice.
  • Monitor and reconcile accounts daily.
  • Use online statements, reporting and reconciliation services to speed the reconciliation process.
 

Rely on Online Solutions

  • Make payments online.
  • Use fraud prevention tools.
  • Review online reports frequently.
 

Secure Your Online Correspondence

  • Mask account and Tax Identification Numbers in correspondence.
  • Use encrypted email for confidential, non-public information.
  • Keep up with the latest fraud trends, such as phishing and malware.
 

To learn more about Chase Commercial OnlineSM,
please contact us or call your Commercial Banker.