Some of us still remember learning how to write a check. Spelling out ‘eighty dollars and no/100' and then that hard line, maybe a funny memo, and of course the dramatic signature. You chuckle, but people are still writing checks every day. And criminals are still committing check fraud to the tune of $7 billion a year, according to the American Bankers Association.
Case in point: A Delaware community’s association checkbook was recently stolen from a home and the thieves had a good ‘ol time spending the resident’s HOA dues! Thankfully, the pair was caught. BUT community managers, PMC and HOA leaders need to take this lesson to heart.
Accepting dues, rent, and fees payments by check can be tricky. Think about the piles of signed checks lying around in a drawer or trash can. Addresses, signatures, and other personal information plus bank account numbers and routing numbers are left out in the open.
To would-be thieves, it’s like a smorgasbord of possibilities!
“This is fertile hunting ground for people who are in financial trouble,” said Matt DeWolf, VP of Product and Business Development. “It only takes one employee or criminal to syphon off account numbers and start stealing from your residents.”
The FRONTSTEPS payments product would take that sensitive info out of their hands and dramatically reduce the risk and liabilities that the HOA and PMC face. Residents can choose from 4 convenient ways to pay their dues, which means they're happy and you get paid on time.
Our NACHA and PCI Level 1 compliant solution means our software fulfills the most rigorous rules put forth by the card payment industry. Accepting, processing, and transmitting payments is all done in a highly secure environment, offering assurance that your residents’ banking information remains protected. Here's how:
In the meantime, if you're still dealing with paper checks and coupon books, lock them up in a safe or filing cabinet and be sure and shred anything that contains residents sensitive information.