7 Steps to follow to prevent CHECK FRAUD in Check Cashing Businesses

Hello Everyone Today we will be talking about Fraud at Check Cashing Businesses:
I will be providing for you important information that can prevent FRAUD in your Check Cashing Business, this will save you Thousands of Dollars and headaches.

7 Steps to train your employes to catch FRAUD:
1. Make sure you verify the routing number on the Checks presented to your company, you can do this by simply doing a simple Google Search on this site to the right, Next verify that the routing number matches the same bank name (example: Chase or B of A) on the check, Also check the bank account number on a quick search again on the search bar to the right Google will let you know if account matches with bank name.

2. Take a look at the company name on the check, Is the company a Corporation or a sole proprietor? if it is a brand new company that just opened doors, this can be a big red flag, do a business search right away on Google on the search bar to the right and see how long that company has been in business. Red Flags are any business names with the word General in it or Service Companies, Construction, Cleaning, Car Wash orr the last name of a person following a business name Example: (Moncadas Banquet Service) Red Flag.

3. Check the Amount of the Check, is it over 500.00 or less than 499.00? please keep in mind that most of the Fraud happens with checks lower than 500.00 why? because anything over 500.00 is a felony and Crooks do not want to get caught.

4. Mexican people are targets for Crooks they use Mexican men and females to go to Check cashing places with Mexican Identification cards or fake State Identification cards 85% Mexican and 15% other ethnicities because they are the ones who cannot open up a bank account to cash checks, remember you are dealing with people that look honest and nice. Look at their name address and telephone numbers. go in the back of your office and verify their address, ask them for 3 references and the name of the owner of the company, call all their references, call the number they just gave you to verify if this is theirs, you can verify numbers on http://www.whitepages.com/ under the reverse phone number search. If things Do not add up DO NOT Cash the check, it is Most likely fraud and you do not want to be a victim.

5. Verify Employment and make sure the company has a Human Resources Department, get names of every person in the HR Department. If this is a new company that opened up within the last 6 months you are at high risk, also if you notice that all of the same company employees are coming to your business to cash checks this is a big red flag, this means they just found a company who is welcoming the Fraud and they will steal as much as you let them.

6. Merchant Check verification, I know times have changed and banks are guarding against fraud and do not do merchant check verification but some do, It is worth the call and verify the bank account is valid.

7. Verify all Information twice and have a supervisor review it, and do not be afraid to call the police if anything doesnt check out, Crooks need to be caught.


Thank you For Visiting My blog. God Bless you and Protect you always.
L.