TROY Group is on a Mission to Decrease Business Check Fraud by Raising Awareness
TROY Group set out to discover why business check fraud is on the rise. The results were eye opening; due to lack of internal and external security controls, and an emphasis on cyber security over check security, fraudsters are preying on blind spots.
WHEELING, W.Va., Sept. 27, 2018 /PRNewswire-PRWeb/ -- TROY Group, Inc., a leader in document and check printing security, set out to discover why business check fraud is on the rise. After a year of research and polling leaders within the banking and financial sectors, the results were astonishing. Not only are executives not aware of check fraud, they are often the ones to blame.
The Unrealized Threat of Check Fraud
Like most stories, this one starts with a myth: Many businesses think that check printing is dead. That is simply not the case.
- 95% of business leaders state that checks are still the number one choice for making payments.
- 74% of organizations experienced check fraud last year with no sign of decline. It's actually expected to increase.
- Financially, the loss associated with check fraud is between 0.5% and 1.5% of revenue. That doesn't account for the damage fraud has your brand reputation.
This myth is driving the increase. Since business executives think check printing is dead…
1. They are not even aware that check fraud is still a risk for businesses.
2. Media outlets feature consumer risks and scams, but very little is focused on B2B check fraud.
3. Security budgets are being pushed to digital and leaving printed documents, such as checks, unsecured. Case in point: 70% of business execs are concerned with cybersecurity risks associated with online banking portals yet less than 10% cite management of check fraud as valuable.
4. Mandatory protocols and best practices are being forgotten or blatantly disregarded as the push toward digital is overwhelming budgets.
Organizations seem to be blind to the fact that fraudsters are just waiting for their chance to strike, which includes the internal risks under their own roof.
The Grassroots Campaign to Help Reduce Check Fraud is Underway
After months of research, TROY was astounded at the results; Businesses are truly putting themselves at risk for check fraud due to a lack of internal and external security controls. Lax control has made it easy for fraudsters. It's not that fraudsters are smarter or that they have new technology. They are literally preying on the business' blind spots.
In their latest whitepaper, Prevent Business Check Fraud with Modern Solutions (https://www.troygroup.com/prevent-business-check-fraud/), the state of check fraud is outlined along with steps organizations can take to protect their assets. Also included with this campaign is a short video (https://youtu.be/X6Dr9RDj3kI) with a goal to enlighten busy decision makers that the risks are more prevalent than they think.
In return for this priceless information, TROY is simply asking each reader to share and spread the word with a goal to decrease check fraud. Director of Marketing, Dave Colson discloses the ambition behind this campaign, "We're communicating our research to all of our current customers, pushing the campaign across social media, and reaching out to business executives to help our first grassroots campaign thrive. This is our 55th year in business; building long-time partnerships with governments, top banks, Fortune 500 companies, and countless small businesses to combat check and printed payment fraud. Through the years we've become an accomplished industry leader with patented, innovative technology offering counter measures to the ever-changing fraud landscape. Somewhere along the way, executives have lost sight of the risks and we're bringing them back into focus. If no one knows about the problem or believes the preventative solutions are too costly or difficult to implement, check fraud will continue to increase. This is the opposite of our campaign. We are on a mission and we're taking our employees, customers, and prospects with us."
To learn more about the impact check fraud could have on your organization, contact TROY Group, Inc. at 304-232-0899, https://www.TROYgroup.com, or get the latest updates on LinkedIn.
About TROY
Celebrating its 55th anniversary this year, TROY Group, Inc. continues to be a globally recognized leader in MICR solutions and security printing. As an HP Gold Solutions Partner, TROY is the only company in the world authorized to enhance HP printers and consumables for use in secure printing workflows. TROY manufactures patented MICR Toner & Inks in its ISO 9001 certified factory, adhering to the tightest quality tolerances. In 2017 alone, TROY toner was used to print over 5 billion checks. TROY offers a total check printing solution, including MICR printers, MICR toner, software, security check stock, digital signatures, security fonts and post-sale services.
SOURCE TROY Group
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