Business And Personal Bank Check Fraud Steps

Modern day banking and checking is very safe, nevertheless, there are a few things to be mindful about. Whenever money is concerned, there will be those operating from the dark side who desire to relieve you from your wealth. A few safeguards and observations can prevent the onset of financial pain cause by those with evil intent.

With gold, silver, jewels, wampum and other physical hard money the only alternative was using false weights and measures or outright stealing. But with the onset of paper money and electronic record keeping, these fallen souls and thieves could resort to other methods to steal your money.

To better understand how this happens, let’s look at what happens with personal or business checks at banks. When you issue a business check to someone then brings it to a bank and deposits it in his or her account. The bank then sends the check to a clearinghouse. This clearinghouse verifies that there are sufficient funds in your business checking account and verifies this information to the bank. With this information, the bank deposits that amount into the account of the person the check was issued to.

Forgery is the most common type fraud. The forger will sign a check so it looks like your signature or make it look like it is you issuing the check. They then make off with the money and disappear.

Another way check fraud is committed is when a check is hijacked from a mailbox or other seemingly secure location. The criminal then signs and cashes it using fake ID. After the check is cashed it is almost impossible to catch the thief. By putting you mail out in daylight hours instead of at night helps thwart a would be con artist.

American National Standards Institute’s (ANSI) created a criteria for check printing which is the same standards followed by all accepted financial institutions. The MP icon, indicating that micro-security print is used in the design. One of these features is that the very small print that if photocopied will break up and is easily detected. Erasures and alterations are detectable as well.

Thieves and con artists are technologically resourceful and may resort to gaining access to security print paper as well as a good printer. With a good graphics program a fraudster can copy check numbers and other features they want to fake.

Altered checks are genuine checks with a twist. The intended recipient can be altered or the account number details altered so a con artist can reap the benefit using acetone or some other type chemicals.

The best means of preventing check fraud is to pay attention to your bank checks and financial statements. Banks can only do so much. Look over any suspicious appearing order bank checks online and to be on guard. Left unchecked, fraud can damage you business or personal finances.

Find cheap checks online using the massive internet store specializing in bank checks direct from the printer manufacturer. Find the same bottom-line pricing as the local bank does using 50% off using Cheap Business Checks and Personal Checks.

Leave a Reply