Tips For Preventing Check Fraud

Convenience is the offspring of the twenty-first century. But even with the advancements afforded by technology, some still opt for more traditional methods. One such example is evident in the finance and banking industry. Despite the advent and development in online banking, many account holders still maintain the use of checks. In fact, roughly 15% of the nation’s population still depends on checks for executing transactions. These 15% are also the prime targets of one of the most damaging violations in the financial industry: check fraud.

Entrepreneur Weekly, an online business magazine, reports of an American Bankers Association data that says that there is a 25% annual growth rate of check fraud cases in the country. At this rate, check fraud is indeed a serious threat to the security and privacy of anyone-from the multi-million dollar company to the average wage earner.

However, even if you belong to that 15%, you still have the option not to fall into the trap of hoaxers and scammers. Here are some tips that, if all together applied, will help you stop check fraudsters from getting their swindling hands on you:

There are no exceptions

Create a tight policy on check acceptance. This policy should require associative information, a list of valid ID forms, and dollar limits. There should also be no exceptions to the rules. Remember that the greatest con artists are creative in finding ways of concocting situations that distract you into taking a bad check.

Feel the check with your hand

Get familiarized to the “feel” of a genuine check. This will allow you to spot the fakes, even just by mere touch of it. Fakes are usually lighter than the real ones. Moreover, most authentic checks, save for the government-issued ones, have perforated edges on at least one side.

Check for signs

Pay close attention to the check writer as he or she signs the check. Also, ask the customer to write his or her name below (in print), should the signature be illegible. Most of all, don’t forget to compare what he or she had written with the specimen signature in his or her information sheet.

Look at the numbers in the check

You could be familiar with the numbers written on the lower portion of your check. You may have also observed that their font differs from the others and wondered why this is so. Well, those series of numbers is called an MICR line. MICR means magnetic ink character recognition. These numbers are printed with the use of an MICR toner that possesses magnetic particles of the iron oxide additives variety. These additives allow the reader-sorter machines to read checks.

As a check is run through a reader-sorter, the MICR line scans across and causes the iron oxide to become magnetized, thus, emitting a signal. Then the check is read by a “magnetic read head.” Upon the contact of the magnetic head and the MICR line, an electromagnetic field, called a flux pattern, is detected. The current created by the flux pattern allows the MICR series to be processed and recognized by the machine. The potency of an MICR toner ensures the readability of your check’s MICR series. It is important to note the quality and appearance of the check’s MICR line. Most fraudulent checks use a different kind of ink to change the MICR number sequence of a check.

If used wisely, and maintained in all the check transactions you make, there is no chance in the world for you to fall victim to fake checks. Remember that an ounce of prevention is better than a pound of cure.

The Social Security Number (SSN) and Arrest Records

Arrest Record together with Social security number ready to help you make a background check of the people that you are looking for. The technology gives you benefits in help you find simple and quick way you can check the individual’s arrest records using SSN. It is easy to make a background check, you need to know about basic of the person that you are looking for like the full name, birth date, and the Social Security Number (SSN). And then with the SNN technology, the background checks that you need will give you the result suitable with your need.

Anyway, if you decide to go your parents for a long time, and you are confusing about your home, the garden and home that need cleaned, well find the quickly solution by Social Security Number that will help you handle your home during you are not at home. The simple that you can do without you have to worrying the condition of your home if you are not around.

With the high technology service, make sure Social Security Number industry always to be the finest solution for you, to make your life easier without complicated problems, moreover you can get the information that you need easily and quickly.

Stopping Identity Theft Before It Begins

Identity theft can cause major problems in your personal and professional life. It is not fun to go through clearing up the issue of the theft, especially if it touches your financial assets. The burden of proof is always on you to show the various companies that you were indeed a victim. The police are even overworked when it comes to identity theft crimes. They have to deal with hundreds of people that have minor to major issues.

What makes the situation worse is that you may never know who stole your identity, let alone see this person punished. Anyone convicted of this crime sees maybe two years in a prison before they are released for a first offense and not too much is added to a second sentence. Punishment, in other words, is not enough to keep people from going right back out and committing another theft.

This is why you need to stop identity theft before it begins. It can happen so quickly that you may not even be aware of the issue until you get a bill or statement for something you never signed up for. There are many things you can do to avoid ID theft, but one is staying away from scam sites offering cash advances payday loans.

If you need instant cash, you really need to do your research and choose a site you can trust. There are hundreds of online cash advance websites, but a good number of them are scams. They will take the personal information you provided, sell it, and then your identity is stolen.

To stay protected you should vet the cash advance company. Call them, look at reviews, and choose a place that has a brick and mortar location. By researching the company in full it is easier to avoid scams.

Identity theft happens more and more because of the internet. With social networking sites, forums, and hundreds of other options online you can share your information to the wrong person and never know it. The best way to prevent identity theft is to know the places you give out your information to. Also consider what information you share. It is better to be a bit on the mysterious side rather than providing details someone could later use. You can also upgrade your usernames and passwords for more security. A completely irrelevant user name coupled with a very random password makes it harder for someone to steal your information.

Also be aware of what might come in the mail. Its easy to have a credit card stolen if you never knew it was coming. Make sure your mailings are reduced to the most necessary items or go paperless.

How to Prevent Credit Card Fraud

If you have several credit cards that are in your name, it makes sense to know how to protect yourself from credit card fraud. It won’t always be as obvious as seeing large cash advances drawn out of your credit limit, it can be as subtle as gas purchases that look like yours until you realize your card is stolen. There are some good habits you can start to make sure you spot trouble the moment it happens, to help you recover any losses that might occur due to credit card fraud.

Tips to Help You Prevent Credit Card Fraud

• Know your numbers – List the credit card numbers somewhere safe. Many credit card companies aren’t even listing the account number on bills anymore, and just use the last four digits. If you lose your card, you will have to know those numbers to help you close the account or put a watch on it. Do this ahead of time and you will be able to handle the problem much more easily.
• Pick one, store the rest – If you have several cards, pick one to carry and use and store the rest in a safe place for other major purchases. This way, the chances of you losing all of them at once is lessened should someone steal your purse or wallet. 
• Don’t hand it over – Credit card theft can happen when you lend your kid the credit card to get gas and find additional expenses on it later. It can happen when you hand the card to waiter who goes to the back and swipes it in a card sniffer that reads your credit card strip and puts your account information into a database for fraud later. The best way to use a credit card is right in front of you and within your full control.
• Read your statement – If you think that you only need to look at your statements when you make a purchase, you are wrong. Fraud can happen at any time and the quicker you catch that fraudulent entry the better.
• Report inconsistencies – If you do see an entry you don’t understand, be sure to notify the credit card company to get it resolved. Often, the entry will give information on what you bought and from whom, with a telephone or website address. In that event, you can call the vendor directly to see if you did buy this item or it is a case of fraud.

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