DETECTING CHECK FRAUD
Defeating a common type of fraud
M&T employs the best technologies to offer check fraud detection solutions that mitigate your risk.
How to detect check fraud
How to detect check fraud
Check fraud is one of the leading types of payment-related fraud. Any business accepting or paying with checks is at risk of suffering loss related to a fraudulent check. Common types of check fraud include forged signatures, theft of physical checks, counterfeiting and paper hanging, which is when someone writes a check knowing there are not sufficient funds to cover the transaction.
Why electronic payments are more efficient and secure than checks
An electronic funds transfer (EFT) can be any means of payment by which the money is moved electronically from one account to another. It’s an alternative to the slower, more costly way of paying by check. ACH payments, wire transfers, Real-Time Payments and direct deposits are each an EFT payment method.
As your small business grows, replacing checks with EFT likely makes sense. EFT requires less effort and cost than checks. No more check printing and postage. And while it can take several business days to complete some EFT transfers, it’s still generally a much faster way to pay than with checks. It’s also more secure with no chance of mail loss or check fraud.
Learn how to help your business thwart off fraud. Visit your local M&T branch or schedule an appointment.
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Detecting Fraud in Small Business
Our resources can teach you and your staff how to detect fraud, build protections to mitigate fraud risk and much more. Learn more about detecting fraud in small businesses.
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M&T’s Business Banking Specialists are ready to offer you support at any stage of your business. Get to know the advantages of being an M&T Business Banking client.