Promotional Pens with Anti-Fraud Ink

Preventing Check Fraud with Promotional Pens

In the U.S., fraud is a huge “business.” Billions of dollars are lost each year due to an abundance of fraudulent schemes. A few of the popular types of fraud include credit card fraud, insurance fraud, prescription drug fraud, and check washing fraud.

Every industry is continually fighting fraud with new technologies in an attempt to stay a step ahead of the fraudsters. For example, a recent change in the credit card industry to prevent credit card counterfeiting for card present transactions was to include chips in the new EMV (stands for Europay, MasterCard, and Visa) credit cards.

One type of fraud I’d specifically like to bring light to is fraud surrounding paper checks. Yes, I’m talking about those old-fashioned pieces of paper used to pay for goods and services. They are used much less frequently these days for in-store purchases; however, they are still a very popular way for payments in business to business (B2B) transactions.

Anti-Fraud Ink Promotional PensOverall check fraud exceeds $18.7 billion annually in the U.S. according to the FBI.

Because paper checks are commonly mailed, they can easily be intercepted by those looking to get their hands on them for deceitful purposes. Check washing schemes account for over $815 million dollars in fraud annually. Checks are often “washed” in order to change the “Pay To” fields as well as the “Amount” fields so they can be cashed or deposited into temporary fake checking accounts.

However, there are ways to prevent these check washing schemes and reduce your chances of being victim to this type of fraud. You can use pens with Anti Fraud Ink. Even better, you can get promotional pens with Anti Fraud ink and give out to your employees and customers to help prevent them from being victim to check fraud.

According to the 2015 AFP Payments Fraud and Control Survey, checks are the most targeted method of fraud (77% of the time)!

But have no fear; there are pens available with an anti-fraud ink that prevent check washing as well as document fraud. These anti-fraud ink pens utilize an ink that becomes trapped in the paper making it virtually impossible to erase or wash off with common chemicals used in check washing. The ink is also fade resistant from UV light.

Below are 5 different pens that are not only affordable, but they are also great looking pens that will prevent check washing. These are perfect promotional giveaways for banks and credit unions to show customers they are serious about check safety and preventing check fraud.

 

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Patrick Black
patrick@perfectimprints.com

Patrick Black, MAS, is the founder of Perfectimprints.com and has been in the promotional products industry helping businesses and organizations since 1999. When not geeking out over the newest and greatest promotional items, you can find him paddleboarding at the beach or hanging out by the pool with his wife, three kids, and his basset hound in Fort Walton Beach, FL.