Paper Checks Riskier than You Think!


Paper Checks Riskier than You Think!

How many checks do you sign each day?

Ten, twenty, fifty?

You issue a check to your subjects after every visit but, how well do you know the person who will cash the check? Can you trust them with your information? Every issued check represents a higher risk of fraud for your company.

It will never happen to my company, you think, but more than 500 million checks are forged annually in the US with an estimated calculated loss of $18.7 billion! If your company becomes a victim of fraud, it can take up to 18 months before the scheme is detected.

Every check you give out has your company’s routing and account number, and an authorized signer’s name/signature. With that information, anyone with a printer and an internet connection could commit fraud against you.

How?

  1. Using information located right on each check that you hand out, fraud is not too difficult:
  • If the person committing fraud simply knows who the authorized signor(s) are, then fake ID(s) can easily be created.
  • Since each check that you send out has the authorized signor’s signature, forgery is as easy as a little bit of practice!
  • Fake withdrawals can be initiated or fake checks created with the above information.
  1. Using chemical washes used to remove the ink to change the check dollar amounts or payee.

 

RealTime-PAY Solution

As previous research site staff, the RealTime team can relate to challenges at the site level. We know about the burdens involved with generating paper checks, the risks associated with this and the long administrative processes. That’s why we have created a user-friendly stipend portal for all sites!

RealTime-PAY has innovative technology that enables world-class security and robust features such as intuitive management portals and subject mobile apps.

How it works:

  1. Give your patients a reloadable Visa/Mastercard that can be used as a debit or credit card.
  2. Once the visit is complete, mark it as ‘complete’ in the RealTime system.
  3. You can authorize the visit payment immediately, or wait and pay all stipends at a later date.
  4. Funds are loaded instantly on to the patient’s card and can be used right away!

Streamlining your stipend payment process, while providing your patients with a convenient payment card will protect your company’s bank account information and company assets.

Simplify processes, maximize performance, increase profits, and security with RealTime-PAY!
To find out more about RealTime-PAY, call us at (210) 852-4310 or click HERE to schedule a 30-minute demo today!

“RealTime has made the running of our research office so much more efficient. The customer service is always courteous, knowledgeable and FAST! We had an issue with fraud at our site and RealTime came along beside us and expedited getting RealTime Pay started at our site. The staff and the subjects love RealTime Pay. It has made stipend payments much easier. Our site also utilizes eDOCS, TEXT and of course, CTMS. We have been very happy with this software. “ –Director of Research, site in Austin, Texas

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