10 ways to fight check fraud
DESCRIPTION
Counterfeit checks have become the fastest growing cause of actual dollars lost. Only 7% of companies that experienced fraud attempts were able to avoid losses. This deck presents 10 ways that you can fight check fraud, from Standard Register -- the industry leader in secure document solutions.TRANSCRIPT
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10 Ways to Fight Check Fraudfrom your experts at Standard Register
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Who experiencescheck fraud? 8 out of 10
business-to-business transactions are made by check.
This number is expected to decrease only a little in the coming years. (AFP Payments Fraud Survey)
8 out of 10 banks have reported check fraud losses in the past 12 months.
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$143,000 is the median loss of occupational check tampering.(ACFE 2012 Report to the Nation on Occupational Fraud & Abuse)
What’s the impact of check fraud?Counterfeit checks have become the fastest growing cause of actual dollars lost.
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More than 1.2 million fraudulent checks are written each day.
The industry reached a new record in 2012: $1.1 billion in losses.
How prevalent is check fraud?Very. 13 checks every second.(American Banker Magazine)
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And it’s growing.
Over the past 10 years, total dollar losses from counterfeit checks increased 28%.
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Only 7% of companies that experienced fraud attempts were able to avoid losses.
Yet only 2% of criminals are ever imprisoned.
(Department of Justice, 2004)
How good are we at fighting back?Not very.
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Checks are copied or reproduced using digital printers.
Scanners and phones are now also used.
What are the leading causes of check fraud?Digital Replication
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What are the leading causes of check fraud?
Toner is removed using a pick, tape, or erasers, then names or amounts are replaced.
This is the most common type of check fraud seen today.
Check Alteration from Toner Removal
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What are the leading causes of check fraud?
Chemicals such as acetone and other industrial solvents are used to remove toner or handwriting from checks.
Toner Removal from Check Washing
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10 Ways To Fight Back
There are dozens of security features you can add.
Best practices say to include at least 4 different kinds.
Pantograph
Microfibers Microdots
Foil Stamp
Holograms
Fluorescent Inks
Chemical Void
#1
Add security features.
Microfibers
Holograms
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Checks need regular updating to defeat fraudsters.
Retain some security features and introduce new ones.
#2
Refresh your checks.
10 Ways To Fight BackOld checks give criminals a longer time to figure out how to defraud your organization.
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Thermochromic Ink changes colors based on the type of ink.
Multiple colors are typically available and can be used for brand relevant marking.
#3
Thermochromic Inks
10 Ways To Fight BackAll features can be replicated (or eliminated) with a digital scan, high resolution digital printing, and time with one exception: thermochromic inks.
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#4
CopyBan Capture® Void
Pantograph
CopyBan Capture® Void Pantograph discourages unauthorized duplication on color copiers by providing multi-tone, graduated screen areas that respond to different copier adjustments.
This technology is designed to require low disk storage space when processed on image capture systems.
10 Ways To Fight Back
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#5
LASER LOCK®
Toner Adhesion Technology
Laser Lock is a clear coating printed over sensitive areas to protect against alteration. This coating makes removal of laser toner extremely difficult.
When toner adhesion is built into the paper, it can lose its effectiveness after ink is applied.
Altered and Replaced Print
10 Ways To Fight Back
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#6
Chemical Void Activation
To protect against toner removal through chemical washing, sensitivity agents can be applied to paper, even becoming part of the paper itself. When exposed to a variety of
solvents, a hidden message such as “Void” appears.
We recommend writing “Void” in at least 3 languages.
10 Ways To Fight Back
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#7
Prismatic Printing
Prismatic Printing is two or more colors blended together on one sheet.
Prismatic print is difficult to copy and extremely difficult to counterfeit on color printers. Only a professional printing press can create this feature.
10 Ways To Fight Back
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#8
Use Microprinting
Microprinting is a reduced line of type that appears as a solid line until view under magnification.
Scanners and printers will recreate this feature as a solid line.
10 Ways To Fight Back
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#9
Use Chemically Sensitive Inks
Chemically sensitive inks: Provide certain detection of
washing Are a simple solution with
powerful impact
Solid Blue
10 Ways To Fight Back
Clear Evidence of Tampering
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#10
“Out of Gamut” Inks
Digital printing devices have advanced. They are now able to produce microprint, pantographs, and other features.
“Out of Gamut” colors make digital replication completely impossible, and only a commercial printing press may create this mark.
Select Color Here
10 Ways To Fight Back
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The industry leader in secure document solutions 30+ active security
patents More pending
Standard Register has designed and currently provides many of the most used checks in the world today.
We produce billions and billions of checks annually for thousands of customers.
We offer unique insight into market trending.
We lead the development of national security standards and regularly speak on Capitol Hill about fraud prevention.
Standard Register has designed and currently provides checks that are among the most widely used in the world today.
Help and advice is available