02 Dec 2013

Prevent Check Fraud using the ‘Check Guard Report’

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Banking Tip:

Prevent Check Fraud using the ‘Check Guard Report’

With annual losses in the billions, check fraud has always been an underlying concern in the banking world. According to the 2013 Payments Fraud and Control Survey, 87% of financial companies experience check fraud every year. It can be perpetrated as easily as someone stealing a blank check from your home or vehicle, searching for a cancelled or old check in the garbage or by removing checks from your mailbox.

The BMS Banking Team treats any suspicious banking activity as a priority issue. CaseLink Office makes it easier for you to track suspicious activity with the ‘Check Guard Report.’ This report allows you to view cashed checks on your monthly statements, simultaneously. Now you will be able to easily spot any check discrepancies.

How to run a ‘Check Guard Report’

Click on Bank Communication.

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In the Bank Activity screen you will select the date range to search from in the Communication Date field. Next, you will select the Check Guard Report and then click Preview to view the report.

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Using the ‘Check Guard Report,’ you can easily validate the checks you have written from the cases specified in the Communication Date range. You can view the case name, account number and see which checks have been paid under the description.

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If check fraud is suspected after reviewing this report, immediately contact the BMS Banking Center. They will advise you to allow BMS to place a temporary freeze on your funds, open a new account and transfer the remaining balance to the new account. You will then proceed by re-issuing checks from that new account number. You will also be able to place stop payments on all outstanding checks.

Preventing Check Fraud Tips

You can also take careful measures to prevent fraud by doing the following:

  1. Lock up your check and deposit slip stock as well as any printed checks, voided checks, deposit tickets and bank statements. Never leave them out in the open or in your vehicle.
  2. Reconcile your bank statements promptly (at least every month) in order to detect any abnormalities.
  3. Never provide your bank account number to people you don’t know, especially over the telephone
  4. Shred or destroy any un-needed account statements, voided checks and deposit tickets.

If you have any further questions or concerns about the Check Guard Report, preventing check fraud tips or steps to take when fraud is suspected, please feel free to contact the BMS Banking Team at (800) 634- 7734, Option 8.

Have you heard of any stories about check fraud? We want to know. Share your stories with other trustees below.

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