When it comes to managing your business, moving money in and out of your bank account is a necessary part of your everyday operations. Unfortunately, check fraud continues to be one of the largest challenges facing businesses today. According to a 2023 Payments Fraud and Control Survey, the Association for Financial Professionals found that checks are the payment method most vulnerable to fraud, with 63% of respondents reporting their organizations faced fraud activity via checks.
HOW CAN YOU REDUCE CHECK FRAUD?
Electronic payments, like an ACH transfer, are faster and easier to handle compared to the traditional method of paying by check. Unlike checks, ACH transfers:
- Are not held up by the time it takes for a check to be mailed
- Cannot be lost
- Cannot be stolen from the mailbox
One of the easiest ways to reduce check fraud is to simply reduce the number of checks issued by your business. By moving to electronic options like ACH, your business can minimize the number of checks with potential to fall into a criminal’s hands.
If it’s necessary to send a check, best practice is to send through the US Postal Service to fight mailbox theft.
Visit our Security Page to learn more how you can prevent fraud.