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The thrill of risk. You might love it when water skiing, playing competitive sports, or skydiving.
But you probably don’t want it in your day-to-day financial transactions.
According to the Nilson Report, Global brand card fraud reached $21.57 billion in 2017, up 6.9% from $20.18 billion in 2016. With fraudsters beginning to target digital payment channels more heavily, and financial institutions improving their processing of checks, you might think you’re out of the woods on check fraud risk. But, The Federal Trade Commission has starkly advised personal account holders that counterfeit check scams are on the rise. With this risk in mind, banks are employing extensive security for patrons’ accounts, with innovative imaging, advanced analytics, and increased scrutiny of transactions. Consumers also have greater control over their accounts, easily accessing and monitoring spending right from their phone.
But, like all payment methods, paying by check does carry the risk of fraud. So how should you protect yourself from nefarious actions by check fraud foes?
Most importantly, make sure your checks are high-quality with extensive security features that make them hard to copy or counterfeit. Only buy checks from reputable printers who use top-tier security features. There is a huge difference in check quality from one retailer to another, especially when considering security features. ASAP Checks is an industry leader in offering you the most security features available at an affordable cost.
The following features are standard on all our printed checks and blank check paper.
We are all in uncharted territory when it comes to the importance of data security, especially considering all the new ways thieves can use to get access to your private financial information. You’ll hear Monday that digital payments are the safest, then on Wednesday you’ll read about a data breach at your favorite large retailer, leaving you to question what’s really the safest way to pay. You watch your accounts, keep an eye on your credit, and make sure gas station pumps have the security “anti-skimmer” sticker before swiping. But, what can you do to protect yourself from check fraud, which is just one of many ways fraudsters may use to steal your information? Start with high-quality checks with extensive security features. From there, be diligent in watching your account and shred all old or unused checks. Do not leave checks or bank statements visible to anyone. Use a mail slot instead of a mailbox if possible when paying by check. Keep a record of your next check number and last check number, so you can detect if someone has removed a check from your checkbook. To reduce your risk of identity theft, do not include personal information on your checks, e.g. social insurance number, phone number or driver's license number.
Want more fraud prevention tips? Check out our fraud prevention page: https://www.asapchecks.com/check-fraud-prevention/check-fraud-prevention-personal