Admit it – you thought everyone knows the basics of check writing, and figured that the younger generation is not using checks. So who cares?
Well, you might think this is the case, but there are fresh ideas in this article at the street.com including safeguards against check fraud, which, according to the ABA Deposit Fraud Study, saw an increase for the first time in 2006.
While recording the digit amount, place the check amount as close to the dollar sign as possible. That keeps fraudsters from “squeezing” the space and changing the check amount.
Additionally, there are still reasons why people write checks.
- Postponement of withdrawals
- Stop payments
- Paying those without checking accounts
- Record keeping
So, even in 2018, there are continued improvements possible. Companies like OrboGraph have our eye on technologies to automate, limit fraud and improve compliance. Just wait til you see what’s coming next…