Member Tip for the New Year:
A new decade is upon us and we are all getting used to changing the dates from 2019 to 2020 on our checks, contracts and other legal and business documents. Most people are used to shortening dates on checks and legal documents to “1/1/20” instead of “1/1/2020”. While it is commonly understood that “1/1/20” means January 1, 2020, it is important to note that shortening “2020” to “20” might open the door to potential scammers, fraudsters or others seeking to change the date on legal or financial instruments. Using the shortened “20” in documents to stand for “2020” may create an opportunity for bad actors to add additional numbers to the end of the “20” thereby changing the date from “2020” to “2021” or beyond. Any change of date that is not intended could cause concern regarding the effective date of contracts, financial issues regarding payments and checks, issues with tax and audit compliance, and any other issues in your business where the year is important in the transaction.
Any documents that you fill in, either manually or on computer, should contain the full date either written out (January 1, 2020) or the shortened version that contains the full year (1/1/2020).
Read more here from CyberSecurity expert Joseph Steinberg.