The absolute best way to reduce check fraud is to start printing your own checks. It’s common for smaller businesses to buy pre-printed check stock to avoid having to buy check paper and a MICR printer, but doing so leaves them open to check fraud.
Magnetic Ink Character Recognition, known as MICR, is a type of toner that is used when printing business checks. The account and routing numbers, along with other numbers, at the bottom of the check are printed using this special ink that allows machines to quickly process checks.
Check fraud happens more than we think. It’s one of the easiest ways fraudsters can steal from your business when proper security features aren’t used on your checks. We’ve put together this quick guide to help you choose the best business check paper, so you can protect your company against fraud.
As a MICR printer user, you know security is the number one issue. Preventing check fraud is a huge concern when billions of dollars are lost each year in both repayment from banks and company funds that were not properly protected against theft. One of the best ways to ensure that you can secure your check printer against fraudulent access is by upgrading your printer and its accompanying software regularly.
In December of last year, 50,000 people and businesses got a wakeup call about their printer security from a hacker who was simply looking for a way to occupy his free time.
According to 2016 reporting, nearly $17 billion in fraudulent transactions were stopped by leading U.S. banks in 2016. Check fraud represented 35% of the total types of attempted fraudulent transactions, and has actually increased since the implementation of more secure forms of payment, like chip cards.
As a MICR printer and ink user, you know quality standards for ink and paper are a given. Strict regulations govern the ink and paper quality for checks to ensure their durability and legibility.
