Cheque Fraud Is A Big Problem. It’s Time To #KillTheCheque.
If a cheque is stolen or lost, it can’t be easily replaced because it lacks the security features common on credit, debit, and prepaid cards. Cheques are highly susceptible to fraud and theft and cheque fraud is one of the most common forms of financial crime.
Prepaid cards greatly reduce the security risks related to cash and cheque fraud. If your card is stolen you do not run the risk of losing everything in your bank account or damaging your credit. Losing a payment via cheque is a real danger, but with prepaid that will never happen. Most prepaid cards have protection against lost cards, theft, and unauthorized transactions, so if your card is stolen you aren’t at risk of losing funds or damaging your credit. If an employee loses their card, they can easily re-apply for a replacement, and the card balance stays the same. As well, all data is encrypted and totally confidential.
The most recent Statistics Canada figures found that cheque fraud accounted for 29 percent of frauds against banks and eight percent of retail fraud. 90 percent of people who store their payment card information with an app or ecommerce site are confident that their card information is secure. 83 percent of people who have uploaded funds to an ewallet since it launched in Canada find it convenient.
It’s time to keep your money safe and cut down on fraud. It’s time to #KillTheCheque. Tune in next week for our upcoming ebook, “Transitioning to Electronic Payments for Canadian Businesses,” which offers and in-depth look at why your business can benefit from cutting out cheques.
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