Check fraud is more prevalent than you may think
Check fraud is easy to perpetrate. Common home office equipment makes it easy and inexpensive to alter, forge or replicate checks. Virtual duplicates can even be ordered overnight with a simple 1-800 call to a check catalog company (the criminal only needs to know your checking information and check style). What is worse, you have more liability than ever before; recent revisions to the Uniform Commercial Code (UCC) have clarified that companies face significant financial exposure if they fail to take"ordinary care" to prevent check fraud.
Protect your business with HSBC's proven fraud control products.
- Electronically transmit your check issuance data to us daily (24 hours before physical issue).
- We review all presented checks against this issuance record before payment.
- Any suspect items are referred to your designated representative for a pay/return decision.
- Pay/return decisions are customized according to your specifications.
Reverse Positive Pay
- HSBC (via HSBCnet) provides details of presented checks to your Controlled Disbursement Account (same day or next day).
- You compare the list of presentments against your check issuance data.
- Online"stop payments" can be placed on suspect items.
- Suspect items are not posted to your accounts.
Whatever service you choose, whatever steps you take to protect your business against check fraud, HSBC's investigative assistance is always available to you through our dedicated hotline support. We can quickly coordinate investigations with bank security and law enforcement agencies.