Check fraud, embezzlement, and other forms of white collar crime are some of the most significant threats businesses face. Fortunately, there are some smart protocols businesses can put into place to mitigate these risks, helping protect both a company’s financial health and its reputation.
Teri Kirkwood, a closer at a Michigan-based title agency, is well aware of what it takes to mitigate against financial fraud. When a machine at her bank misread the dollar amount of a check in one of her deposits, she realized that having complete oversight of her accounts not only mitigates against fraud, it also catches mistakes.
“With the new machines that the banks are using now to make deposits, they run the checks through a reader and the machine adds them up. One check was written for $8,739.03 and the machine picked it up as $3,739.03. The ink on the 8 was light and looked like a 3 even though it was written as Eight Thousand Seven Hundred Thirty Nine Dollars and 03/100 Dollars. I thought that the banks always go by what is written? Thanks Rynoh for catching that!”
Because Teri’s company was utilizing Rynoh to provide automatic, daily, three-way reconciliation Teri corrected the issue before it became an even bigger problem.
To learn more about companies like these that have experienced the power and protection of Rynoh, visit https://rynoh.com/i-love-rynoh-survey-winners-2019.