With employees working from home and businesses looking to efficiently print checks, clients are asking the question: Do we need a MICR printer? The short answer is, Yes!
If you’re printing checks on blank check stock, you certainly need a MICR printer and the security features that are exclusive to high-quality, OEM MICR toner.
While it’s possible to print checks using a standard laser printer, without the proper fonts and features, you can run into all sorts of problems. Checks won’t meet banking standards and could be rejected by a bank. In addition, without security features, your printed checks are vulnerable to fraud and can put your organization at risk of financial harm.
The bottom line is: Yes, organizations still need MICR printers, especially in 2025.
Check fraud is the most dominant form of payment fraud, above credit card fraud, ACH fraud and wire fraud¹. The 2024 AFP Payments Fraud and Control Survey Report reveals a full 80% percent of companies experienced actual or attempted check fraud in 2023, a full 65% increase from the previous year, and the threats continue to grow. The Better Business Bureau’s Mid-South CEO and president, Randy Hutchinson, check washing has become a $815 Million per year issue. Chief Fraud Strategist at Point Predictive Frank McKenna says we'll likely see check fraud rise to $24 Billion in 2024.
Clever fraudsters constantly try new techniques to beat the banking system and steal money. While one might expect banks to be liable for these losses, revisions in the Uniform Commercial Code (UCC) have shifted the liability from the bank to the party in the best position to prevent the loss. Today, the losses are shared between a bank and its customer based upon each party’s comparative negligence.
As long as check fraud persists, financial institutions and businesses should explore all security measures available to prevent check fraud. Fortunately, there are ways to reduce the risk of check fraud, starting with integrating distinct security measures at the printer level:
A secure, numeric font should be leveraged as an additional layer of security on the MICR document. This type of font is very difficult to alter because of a special background, minuscule text, and numeric print embedded in the amount line of the check.
A microprint font adds yet another layer of security at the document level. The extremely small type font embeds personalized micro text and numbers into each check.
MICR toner with high adhesion guarantees consistent character quality. It also deters fraud since printed data is not easily scraped or washed without damaging the check paper.
TROY MICR Toner Secure prevents check tampering by releasing a red stain if chemical alteration is attempted. Standard toner can easily be scraped or chemically washed from a check, even on some of the most secure check stocks.
Since check fraud is still the number one form of payment fraud, it is not worth the risk using a standard laser printer and plain printer toner. We believe check fraud will increase in 2025. So, yes, now more than ever, MICR is required.
MICR printers are available for low to high volume print needs, and with a variety of security features. Talk with one of our MICR experts today to find a solution that fits your needs and your budget.