Check fraud has emerged and transformed from a previously North American crime to a persistent global threat. There has been strong evidence that the magnitude of check fraud has immensely resulted in millions of dollars in loss every year. It was reported that more than $500,000,000 worth of checks are forged annually with losses totaling more than $10,000,000,000. The development of fraud crimes can be seen on a much larger scale, as check fraud is reported to be growing 2.5% annually. In fact, in 1997, there were about 496 fraudulent checks written for around $9,900,000,000, averaging $1,400,000 in fraudulent checks written daily and totaling $27,300,000. We will discuss the immense growth of check fraud and how check printing can change this repulsive perspective.
Every day, there has been a case of fraudulent checks causing more than a million losses. This problem affects any institution around the world. Moreover, because check fraud and counterfeiting have cost each nation an unbelievable amount of resources, it has been regarded as the growth crime of the 1990s. It is reported that check fraud and counterfeiting are among the fastest growing problems within financial institutions with estimated losses of more than $10,000,000,000. There are numerous forms of check fraud. The most common are counterfeit and forged checks.
Fraud and Counterfeit Checks
Counterfeit checks are one of the fastest growing sources of fraudulent checks. The more advanced color copier technology we have today allows counterfeiters to copy checks with ease and precision. Desktop software and applications have the unique capabilities of deliberately copying checks, resulting in near-genuine checks. Check components can be edited from a raw scan made in a desktop computer. Subtle changes can be made easily for checks to look authentic. Forged signatures involve the use of legitimate blank checks and the entry of false signatures. Other alterations can also be made. Forged endorsements may also materialize through endorsement of valid checks by someone other than the payee.
Paymaster’s Check Printing: Securing Noble Resources
With the advent of new digital technologies, committing check fraud and counterfeiting crimes is a no-brainer. The fear of many institutions has been painstaking, but this fear can be ultimately reversed through the use of financial security and safety tools. The valuable service of check printing that Paymaster offers has saved millions who have been victims of dubious fraud crimes. With the constant fear of fraudulent crimes that may just be committed outside your door, check printing has served as a safe haven for your financial resources. Documenting your checks with check printing as well as your own company prefix name plate can do great wonders for your check security. Equipped with superb imprinting and stamping functions, slight changes and alterations are prevented, securing the accuracy of your highly valued checks. The machine itself boasts to be quite user-friendly. An easily maneuvered lever is used to imprint the correct amount. Paymaster has served small, medium, and huge businesses for many years, proving its purpose to positively impact institutions in the long run.
*Originally published on Paymaster Check Writers September 17, 2014
