Just the word “fraud” sends shivers down the spines of everyone in the banking industry. According to US News & World Report, it is estimated that banks in the U.S. lose around $12 billion annually due to check fraud. This is why the American Banking Association lists “how to identify counterfeit checks” as one of its top alerts for 2015. One of most effective weapon against counterfeit checks, fraud and forgery is MICR toner.
MICR Toner vs Scam Artist
In comic books it is often easy to spot the heroes and the villains. Unfortunately in business the bad guys don’t wear masks or have cool catchphrases. As check fraud criminals become more advanced, it is necessary that businesses must also become more advanced. To be specific, MICR toner is short for Magnetic Ink Character Recognition, which is used by banks in check processing to reduce fraud. The signal strength of the MICR toner is key for determining reliably and effectiveness. Any MICR toner brand with a signal strength less than 100 would leave your company vulnerable to scam artist.
The iron oxide chemical compound in MICR toner is what makes it the little known secret weapon that banks have against check fraud criminals. This highly durable and concentrated element is almost impossible for scam artist to duplicate. Ganson Engineering has provided a list below highlighting the top two things every banking industry professional must be aware of when making any MICR toner purchasing decision.
- ABA Standards
As the official voice of the banking industry the American Banking Association (ABA) has recognized the need for high quality MICR toner as a vital tool in preventing check fraud. With a heavy emphasis on magnetic signal strength and clarity as well as readability, the ABA suggest using the right MICR toner as a key component in detecting check fraud.
- MICR numbers
The quality of the MICR toner your company purchases has a direct correlation between the readability of MICR numbers and the ability for checking machines to spot errors in text or magnetic code. These errors alert banking institutions of possible fraud. MICR toner’s role in creating and enhancing the routing and account information contained in the MICR line greatly reduces the success rate of check fraud crimes.
Armed with this new knowledge about the significance of a MICR toner in preventing counterfeit crimes against your business and protecting the personal information of the company’s customers, Ganson Engineering provides a full line of MICR toner and products that exceed both ABA and the Canadian Banking Association standards. Our CE278A MICR toner is the most popular cartridge on our website. Customer love its highly enriched iron oxide components and our 100% client satisfaction which guarantee that our sales team will personally walk your company through the MICR toner selection process until you are comfortable that your bank has found that right MICR toner to combat check fraud in your area.
Visit Ganson’s MICR Toner page now to take the first step in ending counterfeit checks and identity theft for scam artist careers forever.
Your dollars, your choice, Ganson will deliver.