Fraudulent activity set to thrive with the economic recession

(12/02/2009)

Organisations face significant risks against the unsolicited removal of commercial property, vehicle crime, credit card fraud and the illegal transfer of company money.

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.

Unfortunately 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.

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 a digital 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 cheques, payable orders 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.

Signatures are only released using one of a number of authorisation methods. These methods can include: passwords, swipe cards, chip and pin, electronic pad signing or e-mail authorisation. This authorisation method can be completed remotely using the Remote Authorisation module. These methods help improve efficiency of the process, whilst significantly improving security and eliminating fraud opportunities.

For maximum security, organisations can also use Kalamazoo’s Cheqfont™ Secure solution. This is a unique overprinting facility giving a wallpaper (repeat print) of the payee and amount paid in a step and repeat pattern in the background of the payable order. This makes it virtually impossible to make alterations to the document.

The Positive Pay module enables the user to create and send an encrypted data file of all payments issued to your bank. The information enclosed confirms the payee name, the amount and cheque number so that information can be verified at the clearing point.

Richard Farmer, UK Sales Director at Kalamazoo, explained “Security can be enhanced through the separation of duties, whilst swipe card technology controls the use of approved signatures. “ He continues “Kalamazoo’s stationery exceeds APACS requirements, whilst the secure printer has physical lockable keys to ensure it is tamper-proof. Details such as names and bank numbers are never printed on the base stationery, thereby reducing the possibility of in-house fraud.”

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 finances, assets and people. Kalamazoo continually integrate technological developments to stop fraudsters in their tracks.

Related topics:  Application and software security   Crime and Fraud Prevention 

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