Business Bank Checks Fraud Prevention Measures
The lure of easy dishonest money is temptation for many a criminal
. Illicit gain has attracted thieves into the financial arena. Dishonest fraudsters are easily prevented by employing ordinary security measures.With gold, silver, jewels, wampum or other physical hard money, the only alternative to the con artist was using false weights and measures to trick their marks or resort to outright stealing. But, with the onset of paper money and modern electronic record keeping, these fallen souls resorted to other methods. Check fraud is reported to be the number one crime for fraudulent money transaction according to statistics.
The process by which a check transaction takes place is when a bank check is written to someone, they deposit it in their account. The bank proceeds to send the check to a clearinghouse whose main purpose is to verify that there are funds sufficient for the transaction. Armed with this information, the bank can then deposit the funds into the person's account knowing they are covered.
For instance, consider home thefts and in store thefts. Studies support that most thefts are done by individuals working for and friends of the company. 80% of thefts are in house and equally divided between employees and delivery persons, so-called friends of the company. All research studies support these general conclusions.
A check can be stolen in transit and cashed by an unintended third person. When there are no safeguards, checks can be intercepted and cashed by someone whom it was not intended for.
Criteria for bank check security is the hallmark of the American National Standards Institute's (ANSI). It is accepted and adhered to by all financial institutions. One security feature is that small micro-print is employed that makes photocopying unfeasible. The print breaks up and is easily spotted.
Studies show that 5% of the population are compulsive stealers. The will lie cheat and steal If it is to their benefit. They cannot tell the truth and will slant facts to suit themselves. Also, it should be reported, that 5% of the population will not steal. They would rather starve to death than steal because they are wired by strong ethical behavior and moral principles.
Another ploy is to alter the bank check by changing the details. The criminal takes a good check and uses chemicals such as acetone or brake fluid or other means to erase the payee information and/or the amount.
By dealing with people and institutions you trust, you should never have a problem. Counterfeit bank checks usually stand out by having a slightly different color to them or by smearing. Other features such as void pantographic when photocopied, security inks or chemical voids are other giveaways.
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