Do you practice safe checks? An unprotected check is a gold mine for criminals. While the use of checks has declined 25%, reports of check fraud have nearly doubled since 2021. There are precautions that you could take to reduce your risk of being taken advantage of by check fraud scammers.
Why is check fraud so prevalent now?
Check fraud has been around for years. But there’s been a dramatic increase in recent years partly due to an accompanying increase in mail theft. Fraudsters are stealing mail, looking for checks, then selling the checks to others.
What are the most common types of check fraud?
Fraudsters can alter the information on a check by using household chemicals to change the dollar amount or payee name. This is known as check washing. Fraudsters can also use the information on the check to create additional counterfeit copies of the check.
What can happen if my check gets stolen?
While a stolen check can be used to deplete your bank account, it can also lead to more complicated situations like identity theft. Criminals can use the name and address on the check to open fake bank accounts or apply for credit products that can have devastating consequences for the victim.
How can I protect myself from check fraud?
There are some steps that you can take to avoid becoming a victim of check fraud. Review the account activity on your online banking platform. Regular reviews ensure that you will quickly notice anything out of the ordinary. Limit the amount of personal information on your checks. When filling out a check, be sure not to leave any spaces blank that criminals could fill instead. Be careful when choosing the type of pen you use when check-writing. A black gel pen, for example, has ink that’s more difficult to remove. Use mailboxes that are located inside a USPS facility. And finally, reduce the number of checks you send by paying digitally. When sending money, consider using a money transfer service.
By being diligent and using simple know-how, you can keep your finances safe and secure. Contact First Keystone Community Bank at 570-752-3671 for more information.
