As she inspected my check for deposit, the teller raised an eyebrow. I could tell that the lack of safety paper was throwing her for a loop.
The company, VerifyValid, offers a service which enables the emailing of a check. The payor creates a check on the VerifyValid website and it is emailed directly to the payee as a PDF attachment. The payee prints it on his or her own printer (on plain paper) and deposits into a bank account like any other check. No waiting time for the payee and no postage costs for the payor.
Naturally financial institutions are always on the look-out for fraud of all kinds, including check fraud. Everyone knows the ultimate check fraud story about Frank Abagnale, the famous crook who meticulously forged millions of dollars worth of checks in more than 20 countries during the 1960s. Check washing and eventually check printing were his modus operandi. Check stock safety paper was created to presumably prevent check washing and duplication.
But the 1960s were a long time ago and as Paul Doyle pointed out in his Concepts 2012 presentation, check washing is not the latest in fraud techniques these days. So the criminals have moved on (to Corporate Account Takeover – another blog for another day) and so should the rest of the banking community.
If anyone can walk into an Office Max and buy safety paper check stock, what makes the paper safe? Turns out, it’s not.
With the VerifyValid service, users can email checks and ultimately remove the paper from the process completely. For more information on how to eliminate all the paper, contact VerifyValid.