Check fraud is on the rise — and property management companies are prime targets. With high payment volumes, multiple approvers, and often outdated paper-based processes, the risk of financial loss is real.
Use this 10-point checklist to evaluate your payment security.
Answer “yes” for each safeguard you currently have in place.
Each “no” highlights a gap that increases your exposure.
Check Fraud Risk Checklist for Property Management Companies
- Have you eliminated paper checks and switched to digital payments like ACH or EFT?
Paper checks are the #1 target for fraud. Secure, trackable digital payments drastically reduce your risk. - Do you avoid mailing checks from your office or by staff?
Mailed checks are easily intercepted. Outsourcing or eliminating physical check delivery removes a common vulnerability. - Are blank checks and check-printing equipment stored in a secure, access-controlled environment — or better yet, not on-site at all?
On-site storage of checks invites theft and forgery. Digital-only processes are safer. - Do all payments require multiple approvals with a tracked audit trail?
Proper approval workflows prevent unauthorized or duplicate payments — especially with remote teams. - Do you reconcile bank statements against issued payments at least weekly?
Frequent reconciliation helps detect fraud early, limiting potential losses. - Are you enrolled in Positive Pay with your bank?
While not foolproof, Positive Pay adds a strong line of defense against check tampering. - Are vendor records and banking info reviewed and verified on a regular basis?
Keeping vendor data current helps prevent fraud from outdated or fake banking details. - Do you use a secure platform (not email/text) for approving payments — especially when working remotely?
Secure, role-based approval systems prevent impersonation and social engineering scams. - Are all payments made through encrypted, traceable methods (e.g., EFT, ACH, or platforms like SparcPay)?
These payment types offer transparency, security, and auditability that paper checks can’t. - Have you had a third-party assessment of your AP process within the last year?
An external review often reveals hidden vulnerabilities and helps benchmark best practices.
How Did You Score?
Count your “no” answers to find your risk level:
- 0–3 No → Low Risk (Well done! Your payment process is secure.)
- 4–6 No → Moderate Risk (You have some vulnerabilities — time to tighten up.)
- 7+ No → High Risk (You’re significantly exposed to check fraud — take action ASAP.)
Final Takeaway:
Check fraud isn’t just an operational nuisance — it’s a serious business risk. Modernizing your AP process with digital tools reduces risk, saves time, and improves visibility.
At SparcPay, we help property management companies eliminate paper checks and digitize approvals and payments — all in one secure platform.