In the vast and mysterious world of the ocean, sharks lurk beneath the surface, posing unknown risks and dangers to those who venture too close. Similarly, the financial service industry has its own hidden threats in the form of unsecured check stock, which can ensnare businesses and consumers in the ruthless jaws of fraud. However, just as there are measures to safeguard against shark attacks, the introduction of TROY Group check locking trays offers a watertight solution to this growing problem.
And how quickly is this problem growing? According to statistics, check fraud is expected to grow by 50% and hit the $24 billion mark in 2023.
6 in 10 businesses in the financial service sector reported activities related to check fraud, and 84% of banks reported incidents of check fraud.
These frightening statistics highlight the hidden dangers associated with unsecured check stock and how sharks exploit them to bite chunks out of the financial services industry
Unsecure check stock refers to checks that lack appropriate security features, making them vulnerable to fraudulent activities. These risks are amplified due to technological advancements, as fraudsters have become increasingly adept at replicating checks, perpetrating unauthorized transactions, and compromising the financial security of both individuals and businesses in the financial services industry.
Recognizing the need for enhanced security measures, TROY Group has introduced check locking trays as a game-changing solution in the fight against fraud. These trays provide an additional layer of protection for financial institutions, businesses, and individuals that print checks, drastically reducing the risk of falling victim to fraud related to the manipulation or alteration of unsecured check stock. The locking tray security features include:
In scenarios where additional security is required to secure checks, choosing to use MICR-toners to print your checks adds extra layers of security to the financial service sector. In fact, the Federal Reserve and all banks require that checks are printed using MICR toners. Hence printing your checks with anti-tamper MICR toners and securing them with locking trays ensures a fraud-resistant system for your payment processes.
Much like the unsuspecting swimmer caught in the path of a shark, the financial service industry faces significant risks from the use of unsecured check stock. Recognizing the ever-evolving tactics of fraudsters, industry leaders like TROY Group have stepped in to provide innovative solutions to deter fraud. The introduction of TROY Group check locking trays provides an effective means of safeguarding financial transactions, reducing the risk of counterfeiting, alteration, and account takeovers. Ensuring the security of your checks in the financial industry is vital to mitigating fraud risks and protecting the trust that underpins our financial systems. To learn more about TROY Group Locking Trays, speak to an expert today.