Fraudulent activity set to thrive
Birmingham based secure print and secure solutions specialist, Kalamazoo Secure Solutions Ltd, are working closely with organisations to help highlight the risk of fraud and how to protect against it.
Recent research shows that levels of fraud have increased by threefold during the last 12 months and look set the increase further due to the current financial climate. Unfortunately the recession drives an increasing number of company managers, employees and customers to commit corporate fraud in an attempt to manage financial demands facing them.
Richard Farmer, UK Sales Director for Kalamazoo, explains “All too often companies only take action to protect themselves against theft and fraud after they have discovered that they have been a victim. In the current financial climate cases of fraudulent activity can mean the difference between company survival and bankruptcy.”
Richard continues, “A major concern facing many organisations is the threat of associated with the payment processes. You may think you have a secure payment process in place; however professional fraudsters can pick a hole in even the most airtight of procedures. That’s why Kalamazoo recognise the importance of regularly reviewing your payment processes to ensure you are sufficiently protected against fraud.”
Cheque fraud losses during January to June 2008 rose 35 per cent, from £15.1m to £20.4m, according to the Association for Payment Clearing Services (APACS). To stop cheque fraud, it is essential that businesses implement meticulous security policies while also identifying where in the payment chain cheques can be intercepted. At present, cheques are most commonly seized by an organisation’s employees or by postal and banking staff. These cheques can then be subsequently duplicated and altered, potentially defrauding an organisation out of thousands of pounds.
With the aim of tackling fraud, APACS sets stringent security standards for UK companies authorised to print and supply high security corporate cheques. In recent years APACS have increased the security measures imposed on accredited printers. Kalamazoo’s cheques meet all of APACS’ new criteria, and even incorporate even more rigorous measures to ensure they cannot be tampered with.
Using a combination of specialist papers, inks and advanced printing methods, Kalamazoo’s cheques are the most secure cheques on the market.
Meanwhile, organisations with more sophisticated security requirements and large payment runs may consider implementing a designated cheque payment solution.
A secure digital payment solution can both significantly improve security and streamline the payment process. A digital payment solution, such as Cheqflow2, enables the creation and printing of payable orders, cheques and other documents. The solution utilises the latest 64bit technology and incorporates multiple levels of security throughout the system. It prints the confidential information on to the approved cheque base stock, such as the MICR code line, bank details, logos and signatures.
The problems of speed, cost and security were quickly solved with the implementation of Cheqflow2, and thanks to an understanding of the financial systems already in place, the transition to Kalamazoo’s Cheqflow2 solution is quick and straight-forward.
Kalamazoo offers a host of solutions for payment transactions, from cheque printing solutions to shop payment vouchers. At the heart of everything produced by Kalamazoo is security and safeguarding company finances and assets. Kalamazoo continually integrate technological developments to stop fraudsters in their tracks.
Richard concludes, “In today’s economic climate, organisations can not afford to be left vulnerable to such security risks. Kalamazoo are working closely with a range of organisation’s to review their existing payment processes and how they can protect themselves against fraud.”
For further information please call 08445 766 770, or e-mail kalamazoo@ksp.co.uk.
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