Practical Considerations for Securing Business Check Issuance
CARLSBAD, CA – May 16, 2012 – AP Technology, a leading provider of MICR check printing solutions, has released a white paper entitled "Best Practices in Check Fraud Prevention" that challenges businesses to look at four critical areas to address fraud protection in their AP systems and processes. These business considerations include check issuance technology, check stock selection, positive pay implementation, and accepted accounts payable best practices.
With the latest Faces of Fraud Survey from BankInfoSecurity.com citing that check fraud is second largest form of payments fraud and the 2012 AFP Payments Fraud and Control Survey reporting that 85% of businesses that experienced payments fraud in 2011 were victims of check fraud, it is clear that check fraud remains a significant financial risk-factor for businesses. The key is prevention; check fraud and its financial and operational consequences can be virtually eliminated by simply implementing the right procedures and software solutions. In addition, exercising good judgment in payments fraud prevention delivers the added benefit of regulatory compliance and enhanced AP process efficiencies.
Production of counterfeit checks has become extremely easy for criminals. Criminals now have ready-access to the quality printers and graphics software needed to produce realistic counterfeit checks. In addition, criminals continue to innovate ways to steal account information and make detection of fraudulent activity increasingly difficult. Recent news reports that some phishing/malware attacks are now targeting bank credentials for the specific purpose of extracting bank balance information and the check details needed to create, not just counterfeit checks for fraudulent retail purchases, but, full business check books that are customized to match a buyer’s requirements. With checks remaining the primary payment instrument for B2B payments, businesses of every size should consider the risks that check fraud poses and implement known procedures and technologies to protect their organization from the potential liabilities.
“AP Technology has deployed check issuance solutions for thousands of clients. As the industry resource for solutions pertaining to advanced check issuance security, we are a trusted technology provider and advisor for some of the largest companies and financial institutions in the U.S. We are pleased to offer this latest white paper that provides some basic guidelines for those businesses that may have experienced check fraud and are looking for a clear path to lock down their check issuance process with accepted best practices,” states David Schaefer, Chief Operations Officer for AP Technology.
To access the white paper, visit http://www.aptechnology.com/for/forms/best-practices-white-paper-5-2012/.
About AP Technology
AP Technology, a private California Corporation founded in 1989, is one of the original pioneers and leading providers of MICR check printing systems. These solutions enhance the security and efficiency of check printing operations for over 5500 businesses and financial institutions nationwide. These solutions include the SecureCheck-Pro 7 Check Issuance System, APSecure-RCP Remote Check Printing System, APSecure Official Check Issuance Solutions, SecurePay Positive Pay Software, ezSigner Check Signing Software, and TruPrint MICR Toner and Check Stock Supplies. AP Technology is a founding member of the elite Hewlett-Packard Business Solutions Partner group, and has positive pay partnerships with 7 of the 10 leading U.S. commercial banks. For more information on the company’s check printing solution suite, visit http://www.aptechnology.com
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