When coupled with a laser printer, a desktop publishing program can be a powerful tool? It might surprise you to find out that some have turned this combination into their own personal golden goose. Check counterfeiting has become an easy way for criminals to steal money.
Here is how it works. Criminals are scanning images of valid checks into their computers then changing the date, name of the payee, the amount, and sometimes the check number. At that point they make dozens of copies on their magnetic ink desktop printers. These printers put the Magnetic Ink Character Recognition (MICR) lines on the checks. These counterfeit checks are so “good” they can make it through the entire banking system and actually be drawn on the original bank account. This could impact the consumer as well as the retailer who took the check.
If that isn’t scary enough for you, at this point there is no clear method of prevention. Law enforcement and banking officials say this type of crime could cost the economy one billion dollars this year.
Watch your checkbook..