The way we handle money is constantly evolving, and we're committed to staying ahead of the curve to offer you the most secure and convenient payment solutions. In March, we launched our new payment portal, Aiwyn, to make managing your payments easier and more secure than ever. This month, we want to remind you about its innovative features and discuss a critical issue on the rise: the risk of check fraud.
Still mailing paper checks? Although they've been a standard for years, checks pose a significant risk in today’s world.
Last year, the Financial Crimes Enforcement Network (FinCEN) received approximately 680,000 check fraud reports from banks, a significant increase from the 350,000 reports filed in 2021. Concurrently, complaints about mail theft surged to about 300,000 in 2021, as reported by the U.S. Postal Inspection Service, more than doubling the numbers from the previous year.
In the United States alone, over 500 million checks are forged every year, amounting to more than a million fraudulent checks circulated daily. Despite this staggering volume, the legal system is ill-equipped to adequately address the problem. Strained by limited resources, prosecutors end up neglecting about 75% of bank check fraud cases. This gap in the legal response shifts the burden to the involved parties, underscoring the critical importance of due diligence in financial transactions.
Bottom line: the risk is real, and it’s only increasing. Our online payment portal provides a quicker, more secure way to manage your payments, helping you to mitigate these risks effectively.
The Aiwyn payment platform offers the significant advantage of allowing clients to link multiple business accounts together under a single account. This feature is especially useful for business owners or administrators who manage multiple entities and need a streamlined solution for overseeing invoices and payments.
By linking all business accounts together, Aiwyn enables a consolidated view of all financial transactions across different business entities. This functionality is also beneficial when it comes to financial reporting and auditing. With all transaction data centralized, compiling reports and conducting financial reviews becomes easier.
So, if you have not yet set up an Aiwyn account or if you manage multiple businesses, taking advantage of this feature could make financial management much more simple.
Click here to read more about the benefits of using our new payment system.
We're thrilled to introduce our new AutoPay feature, designed to simplify your life. If you choose to turn on AutoPay, your payment method will be automatically charged for the full amount of any newly posted invoices, eliminating the hassle of manual payments.
PLEASE NOTE: AutoPay is just another way to pay — it's not turned on automatically. You have full control and can choose whether or not to use it.
We're offering this feature to help make payments simpler, but we understand it might not be for everyone. If you don't want to use AutoPay, you can still pay your bills the way you normally do.
Our goal is to offer you the most secure and convenient payment solutions, allowing you to focus on what matters most to you.
We're continually working to make the complex simple, especially when it comes to payments. If you have any questions about Aiwyn or would like more information on how to protect yourself against check fraud, please don't hesitate to reach out. We are here to help.
Want to stay up to date with our latest blog posts, educational videos, webinars, and more? Get the newest updates delivered right to your inbox by clicking here to receive instant notifications whenever we publish fresh content.
Alternatively, you can opt for our monthly roundup with valuable information and insights from our team of experts. Subscribe today and stay ahead of the curve with us.