Johnson added that some banks have recently added payee name detection to their programs, known as Payee Positive Pay. "Criminals are now finding new ways to get around Payee Positive Pay, by adding a fraudulent payee name above the X/Y coordinates used to detect the payee name," she said.
It may sound expensive, but think of the money saved with a high-security check versus attorneys' fees. Johnson asserted, "The actual cost of the check itself is only a tiny portion of the overall costs of the entire check disbursement process. The overall disbursement costs are somewhere between $1.00 and $1.50 per check. The difference in price per check between a 'vanilla' check and a high-security check is literally pennies. So, the question becomes, 'Do I want to spend $1.50 and use a vanilla check, or spend $1.55 or $1.56 and use the SuperBusinessCheck?' That extra nickel or so will protect a check worth hundreds or even thousands of dollars. It will also protect a $100 check from being turned into a $100,000 check."
- Companies:
- SAFEChecks
- Places:
- California
- Canoga Park