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08/20/2024
The forgotten threat: In an automated world, check fraud still thrives
Payments Dive
For many organizations, electronic payments are the norm--accounting for a majority of settlement activity. Technology has made transactions among businesses smarter, faster, more secure and cost efficient for all parties involved. Nevertheless, paper checks continue to be widely used in B2B transactions, a reminder of how sticky legacy processes and systems can be.
Paper checks remain a reality for many, often existing side-by-side with more automated processes and electronic payments. This presents a unique vulnerability for companies who, while rightfully focused on cybersecurity, may not understand or even realize the risks posed by the paper check. This has created a timely opportunity for fraudsters, who are increasingly taking advantage of a frequently forgotten and overlooked area of payments to engage in activities that can have extremely damaging consequences.
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