Avoid Fraud & Close Safely — E-Checks 101
When you’re about to close on a property, typically there are only a few steps remaining to tackle. Some of the last checklist items will have to do with submitting payments and transferring funds to various accounts. Whether you’re working with an agent, an escrow officer or sending money yourself — it’s important that the transaction is safe. If you’re curious as to best practices for safeguarding your hard-earned money— there are various strategies to consider. Here are a few ways that ValidCheck has you covered!
Let’s face it, paper checks are becoming increasingly rare in modern business transactions. Not only is keeping track of the checkbook a hassle for the sender — processing can be laborious for the recipient as well. With ValidCheck – every submission is digital, encrypted and recorded for future reference. And, to make things even better, because your check lives online it can be accessed or revised from virtually anywhere. This frees up time and effort on your part, and any other party involved such as a broker or escrow agent!
Where Did it Go?
When using paper checks, one of the biggest security risks is sending the document via mail. When up against a deadline on a closing, major inconveniences can arise if you misplace the check close to your payment due dates. Also, it’s essential to remember that the mail route within itself is not infallible! It’s very easy for a check to get lost in the mail due to human error, which can result in a myriad of frustrating delays. By keeping things digital, there is always a receipt and guarantee that the document has been received and processed.
Fraud Protection Pt.1
Hackers and schemers are getting smarter everyday and have many ways to steal info and money from unsuspecting consumers. Don’t let this be the case for you – at Valid check, we understand how hard you worked to afford your home. E-checks are better safeguarded from fraud for multiple reasons. One, is that funds are only routed between a sender and receiver; this reduces touch-points or third party involvement. Additionally, our email attachment feature only allows access for the designated recipient, which curbs information phishing and theft.
Fraud Protection Pt. 2
There’s still more to consider when protecting your funds from fraudulent exposure. Our partnership with PositivePay acts as a buffer from scammers — they validate the authenticity of the document and ensure it has not been tampered with! This is crucial to you as a buyer, considering that many check scams aren’t discovered for a year and a half [resulting in a problem when least expected]! We also keep a close eye on forgery, inaccurate numbers and other falsifications. Valid check is invested in helping to stop the nearly 19 billion dollars in annual check fraud, by protecting buyers like you, every step of the way.