Check fraud is costing Alaska businesses millions. The Financial Crimes Enforcement Network reported check fraud nearly doubled in 2022 compared to the previous year. We are seeing our customers and those of other financial institutions victimized by a greater amount of check fraud than ever before. The Anchorage Daily News reported, “Check fraud is back in a big way, fueled by a rise in organized crime that is forcing small businesses and individuals to take additional safety measures…”
Follow these best practices to protect yourself and your business from check fraud:
- Go digital – Digital payment solutions offer additional protections and help remove the risks of using paper checks.
- Real-time alerts – Sign up to receive real-time alerts to keep you informed of your account and card activity.
- Review your accounts – Review transactions and balances daily to help detect unusual or suspicious activity.
- Report fraud immediately – Reporting fraud in a timely manner can help minimize the impact and may lessen your liability.
- Use fraud prevention services – Help protect your business from fraud with check fraud prevention solutions such as Positive Pay and Check Block.
- Review your business practices – Train employees to spot signs of fraud. A customer-friendly but offender-hostile workplace will help prevent fraud from impacting your bottom line.