By Staff Reports
(DGIwire) – In this age of electronic transactions, the risk of criminal activity is rising in one area we might not expect: bad checks that potentially choke retailers’ profits. Although this paper-based predicament could seem like a throwback to a bygone era, consider this statistic from the National Automated Clearinghouse Association: 15 billion to 18 billion checks pass over store counters each year. Although there are no hard numbers on are how many are bad, even a small percentage could cause a big dent in businesses’ bottom line.
With this in mind, here are some ways merchants can protect themselves:
Although taking such precautions can do much to prevent merchants from getting burned, even this sometimes isn’t foolproof. This is especially true in an era when obtaining a fake ID that looks like the real thing has never been easier. This underscores the need for deterrents such as the one currently being deployed by Intellicheck Mobilisa, the company that created ID Risk Check™, quickly becoming a premier fraud and risk management tool. ID Risk Check offers ID validation and authentication services, along with fraud risk controls. Tied in with proprietary analytical models, ID Risk Check is designed to reduce fraud and minimize identity theft.
Dr. Bill Roof, CEO, Intellicheck Mobilisa’s CEO, says, “Most merchants allow consumers to choose their form of payment, and many still want to pay with their checkbooks. This is fine in most cases, but fraud occasionally surfaces and that’s what our technology is designed to stop.”