Payment fraud is on the rise, and the costs keep escalating. Given advances in technology, it’s easier than ever for fraudsters to remove money from your practice’s bank accounts. Here are the steps you need to take to protect your practice.

Fraudsters use counterfeit checks, stolen checks, altered checks, forged signatures, fraudulent endorsements, and other tactics to target your practice accounts. And advances in desktop publishing and color copying have made it easier than ever to commit check fraud.

According to the Association of Financial Professionals (AFP), 74% of businesses experienced check fraud in 2019, up from 70% in 2018. And the costs keep rising. The American Bankers Association (ABA) reported that losses from check fraud topped $15 billion in 2018, up from $8.5 billion in...