Fraud Prevention for Paper Processes

Paper-based fraud is a crime of opportunity that can be prevented by using anti-fraud services and by implementing tight internal controls. Checks are the most targeted payment form by fraudsters, and check fraud affects companies of every size and type. You can reduce your exposure to paper-based fraud by instituting the following recommended best practices:

Best Practices for Paper-based Processes

• Review banking activity daily and reconcile accounts promptly.
• Use an online banking service, such as Regions iTreasury®, to securely and conveniently access your account information and review check images.
• Establish dual control measures for check issuance and account reconciliation tasks. (Dual control means separating duties so no individual has control over all phases of a transaction.) It’s easy to implement, prevents or decreases the risk of internal errors and protects against unauthorized transactions.
• 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.

Other Resources

• Preventing Bookkeeper Fraud
• Combating Paper-based Fraud
• Fraud Prevention Resources

Regions offers fraud protection tools for business of all sizes that can help you safeguard information and reduce your exposure to fraud.