According to the 2013 AFP Payments Fraud and Control Survey, the most vulnerable payment type to fraud attacks remains checks; 87 percent of companies affected by payment fraud reported that checks were targeted; and the typical loss for payment fraud was $20,300.
With that kind of money on the line, it’s smart to secure your accounts payable department’s check writing processes. Get the accounting equipment your accounts payable team needs to write checks securely. Not only will your checks be more secure, your team will become more efficient at writing checks.
What type of accounting equipment do you need? Here are the must-haves:
- Check writing software – Not just any check writing software, mind you. Choose a program capable of printing secure checks. It should be MICR compatible and it should also integrate with your accounting and financial management software.
- MICR-compatible laser printer – Not only should your check writing software be capable of secure check printing, your laser printer should be too. For example, did you know that the funky font used on the bottom of checks is printed with magnetic ink that can be ready by bank check processing and accounting equipment? You’ll need a laser printer compatible with specialized MICR toner cartridges in order to print these funky characters.
- Secure blank check stock – Why print your own checks with your own funky bank characters? Because doing so gives you more options as far as check paper goes. With check writing software and a MICR-compatible laser printer, you can order the most advanced blank check software available. Combat check fraud by using security paper complete with hidden text that appears after scanning, chemical coatings that stain the check if chemical washing is attempted, hidden characters that appear under ultraviolet light, warning bands, and other security features.
Investing in check writing software and other must-have accounting equipment such as laser printers capable of printing magnetic characters and security checks is a must for any company concerned about check fraud (Source: http://www.troygroup.com/products/paper_supplies/index.aspx). Do your part by equipping your accounts payable team with a secure check writing solution.
About the Author: Corey Rogan is an expert in the IT industry and has worked as a consultant for a range of companies across the United States. Free feel to connect with him on Google+.