Individual And Corporate Check Counterfeiting Is Increasing
The terms check fraud has a broad definition that covers a large number of related
activities all of which is connected to the use of checks in an illegal way. The most common of these is forgery of checks, illegal alterations, and something that is known in popular parlance as kiting. The move Catch Me If You Can illustrated a career criminal who was an expert.
Two parties need to watch out for check fraud. Businesses are often the target of check fraud due to criminals passing fraudulent checks in exchange for goods and services. Businesses are also targets for paying out fraudulent payroll checks issued in their name. On the other end are innocent consumers whose checks have been either stolen, altered or forged.
Businesses can actively work to reduce check fraud by putting in safe-guards and checks. For instance, they should reduce the number of people who sign off on checks to minimize exploitation of loop holes. They should also ask the bank to limit dollar amounts for ceilings on written checks.
Consumers must also be careful that they do not become ensnared in fraudulent activity. Blank check are stolen from residences often. These blank checks are changed through the use of erasing and inking so that the check is accepted with other types of identification. When cashed, the money is drawn from the account of the victim.
A helpful financial record keeping device known as a checkbook register allows people to record daily expenses easily. Because the checkbook stores all data in the same location, the data is portable from place to place as long as there is paper and pencil to carry out calculations.
To expedite daily check register reconciliation, some have turned to using software substitutes. Checkbook software allows the entry of daily transactions tagged with dates, recipients of checks, amount and purpose of payment. The software allows sortable presentation of recorded data.