Tackling Check Fraud: A Real Threat in a Digital World

As someone who’s been in the thick of office equipment sales for more years than I care to count, I’ve seen my fair share of industry changes. But if there’s one constant in this ever-evolving landscape, it’s the underestimated and enduring threat of check fraud.

The Persistent Peril of Paper Checks

Let’s paint a picture: In today’s digital age, where contactless payments seem to be taking over, the paper check just won’t go away. Despite what you might hear, it’s still the method of choice for payments among businesses, with a staggering 95% of business leaders tethered to it. It’s this very reliance that has opened up a can of worms in terms of fraud risks.

The Overshadowed Risk

There’s a lot of chatter out there about cybersecurity, and rightly so. But here’s the kicker: while most execs are sweating over digital breaches, a significant risk is being swept under the rug — check fraud. It’s alarming to think that this blind spot can cost businesses up to 1.5% of their revenue, not to mention the hit their reputation could take.

An Insider Job?

Now, let’s talk about where this threat is coming from. It’s not just some shady character lurking in the shadows; it’s potentially right there in the heart of your business. Yes, it’s a tough pill to swallow, but internal controls (or the lack thereof) can be your undoing. When employees with the keys to the financial kingdom go rogue, the results can be catastrophic.

Debunking the Digital Myth

There’s a misconception floating around that the rise of digital banking and payments is sounding the death knell for check fraud. But let’s not kid ourselves — that’s far from the truth. Fraudsters are craftier than ever, manipulating checks in ways that blend old-school forgery with new-age digital loopholes.

The Reseller’s Role in Fraud Prevention

So, where do you, as an office equipment reseller, fit into this picture? Your role is crucial. It’s about steering your clients towards a path that shores up their defenses against check fraud. I’m talking about high-security check stock, MICR printers that don’t mess around, and toner that’s tougher on tampering than a junkyard dog.

Partnering with the Pros: TROY Group, Inc.

When it comes to enlisting the big guns, TROY Group, Inc. is a name that carries weight. Celebrating 55 years in the game, these folks are a powerhouse of MICR solutions and security printing. They’ve got the hardware, the software, and the smarts to help keep those fraudsters at bay.