On top of being a cumbersome payment vehicle, the paper check continues to pose a major risk to corporate coffers. Fraud is on the rise from both within and outside of the organization, and bad actors continue to take advantage of the paper check’s lack of security, particularly in a work-from-home environment.

Even before the pandemic hit, researchers found that successful check fraud makes up 47% of overall fraud losses for banks, surpassing volumes related to fraudulent debit card transactions. With organizations managing their payment workflows through remote staff, the growth of this threat has only accelerated as many workers continue to operate remotely.

It’s one of the many reasons why chief financial officers and treasurers should continue to drive their firms toward electronic B2B payments. However, just migrating away from paper checks isn’t enough to fully protect the enterprise.

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