It makes sense when you think about it. Paper checks are the number one source of bank fraud in South Florida and around the country.
I had lunch the other day with my buddy Vic who works pretty high up in a large bank with offices in South Florida. When I asked him what he recommended small business owners do to protect themselves, he said "Fix the paper problem!"
He meant checks of course.
Checks are the single greatest source of bank fraud. People wash them and write a new check and cash them. This happened to my father-in-law. He got his money back, eventually. But boy, what a pain!
When it comes to working with checks, here's the hot action list from Vic:
- Secure your check stock! Don't leave it unlocked (that means in your printer too)
- Secure signature stamps
- Don’t share a bank password… ever
- Move from checks to ACH
- Positive pay (for large check volume)
- Reverse positive pay (for small check volume)
- Relationship matters! Maintain a relationship with your banker. Call them quarterly.
There are alot of thieves in South Florida looking to take advantage of any opportunity they
get. Don't give them any windows of opportunity. Need help with any tech related security matter for your South Florida business? Contact us!