Paper-based fraud is a crime of opportunity that can be prevented through the use of anti-fraud services and by implementing tight internal controls. Checks continue to be the most targeted payment form by fraudsters, and check fraud affects companies of every size and type. The following safeguards are recommended to proactively combat paper-based fraud.
Best practices for paper-based processes
- Review your banking activity on a daily basis and reconcile accounts in a timely
manner. Use an online banking service, such as Regions iTreasury, to
securely and conveniently access your account information and review check
- Establish dual control for check issuance and account reconciliation tasks. Dual
control consists of the segregation of duties and is a primary internal control which
prevents or decreases the risk of errors, or irregularities, and identifies problems.
Dual control is achieved when an individual does not have control over all phases
of a transaction.
- Segregate accounts by purpose, type and/or payment method.
- Purchase check stock only from known vendors.
- Convert paper payments to electronic.
- Securely store check stock, deposit slips and bank statements.
- Implement secure destruction practices for all financial and other confidential documents that could be used to facilitate identity theft.
- Utilize Positive Pay services.
Fraud Prevention Resources
Learn more about the best practices and other helpful tools to help protect your business from fraudulent practices.
Preventing bookkeeping fraud - One of the most common forms of internal fraud.
Protect your business from unnecessary loss with Regions Fraud Prevention Solutions
Regions offers an array of fraud protection tools for business of all sizes that work in tandem to safeguard information to substantially reduce your exposure to fraud.
Learn more about combating paper based fraud.
Contact your Regions Treasury Management Officer or Relationship Manager today.