Cheque printing for business: Five ways to prevent fraud

Cheque printing for business: Five ways to prevent fraud

Cheque printing is a common everyday practice for many businesses. Regardless of the size of your business, preventing cheque fraud should always be front of your mind. Neglecting cheque security even briefly can pose a huge threat to your business.

Following the steps below can ensure your cheque printing is done safely and securely without risk of cheque fraud.

Store cheques in a safe location

Always make sure to keep any business cheques, deposit slips, bank statements or other sensitive documents in a secure location such as a safe of a locked cabinet. Locking away items such as these make it easier for would-be fraudsters to commit a crime.

Shred cancelled cheques and old statements

Simply writing ‘void’ on a cheque doesn’t mean a cancelled cheque no longer poses a risk. Keep in mind that your account and sort number are listed at the bottom of every cheque. Business cheques can also include addresses and even phone numbers, giving away more than enough information for fraudsters to work with.

The same goes for your old bank statements which also include a lot of information you wouldn’t want to end up in the wrong hands. In fact, anything you no longer need that has your bank account details on should be shredded as soon as possible. One way to avoid constantly checking to see what needs shredding and what doesn’t is by switching to online statements which mean the information is always available but only to you.

Report missing cheques

If you realise a cheque has been lost or stolen you need to act fast to protect your business’s finances. Immediately contact your bank to put a stop on a particular cheque. Your bank will ask for the number of the cheque and it’s likely you will also need to sign some official paperwork. The stop will generally apply for six months although can be extended if you are still unsure where the cheque is.

Always fill in the payee and amount lines

You should always write the name of the payee on the cheque to ensure that only the intended recipient is able to cash it in. Keep in mind that a cheque that says the word ‘bearer’ on the right-hand side entitles anyone who presents (bears) the cheque to cash it in. If you don’t cross out the word ‘bearer’ and your cheque gets lost, it’s an invitation for cheque fraud.

Remember to use dark ink

It seems obvious but when needing to quickly write a cheque, it’s easy to reach for the nearest pen or pencil at hand. Always choose an ink that can’t be erased or covered over so that your cheques can’t be tampered with.

Don’t leave your business open to the risk of cheque fraud. Hague is one of the largest specialist cheque suppliers in the UK. We offer secure cheque printing that exceeds the design and security standards of the UK’s Cheque and Credit Clearing Company.

Enquire now and a member of our team will talk you through our cheque printing solutions in more detail.