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Check Fraud

All articles tagged with #check fraud

finance2 years ago

"Mitigating Check Fraud: A 2024 Resolution to Stop Using Paper Checks"

Despite the decline in check usage, check fraud is on the rise, costing financial institutions billions. Tips for writing checks safely include using gel pens, keeping a separate account for check writing, and mailing checks securely. Banks offer various protections, such as flagging unusual checks and secure online bill-payment services. Person-to-person payment platforms like Zelle and Venmo are convenient but come with risks, so users should transact with caution and verify recipients' identities.

via Yahoo News|
#banking-security#check-fraud#digital-payments
finance2 years ago

The Growing Threat of Check Fraud: Thieves' Advantage

The decline in check usage has not deterred fraudsters, who have increasingly turned to check fraud, costing financial institutions billions. Criminals leverage technology and social media to commit fraud on a grand scale, using stolen checks purchased online and altering them with basic tools like nail polish remover. The surge in mail theft during the pandemic has further fueled check fraud. Banks and credit unions are expected to file a record number of suspicious activity reports tied to check fraud this year. However, anti-fraud measures by banks can sometimes misfire, freezing or shutting down innocent customers' accounts. The complex nature of check fraud investigations and the lack of communication between banks make it difficult to determine liability and resolve cases promptly, leaving victims frustrated. Despite the risks, check usage remains popular among consumers for certain transactions.

via Yahoo News|
#banking-security#check-fraud#finance
finance2 years ago

The Growing Threat of Check Fraud in the Digital Age

Check fraud has been on the rise despite the decline in check usage, posing a significant problem for both banks and customers. A small publishing business owner in Chicago fell victim to check fraud when one of her checks was stolen and rewritten for $7,200, leaving her unable to pay essential expenses. The bank is still investigating the matter, highlighting the vulnerability of individuals and businesses to this type of crime.

via The New York Times|
#banks#check-fraud#finance
cybersecurity2 years ago

The Underground Economy of Stolen Checks: A Growing Threat

Check fraud is on the rise due to the availability of stolen checks being sold in open forums on messaging app Telegram. Criminals steal checks from mailboxes or through inside jobs at post offices, then assume fake identities to open bank accounts and deposit the checks. The stolen checks are often washed and rewritten before being deposited and the process is repeated. The pandemic has seen a significant increase in mail theft complaints and financial institutions have reported triple-digit increases in check fraud. The Telegram forums selling stolen checks are easily accessible, and experts believe there may be millions of synthetic identity accounts waiting for illicit activities.

via The New York Times|
#check-fraud#cybersecurity#identity-theft
personal-finance2 years ago

Protect Your Finances: Ditch Outdated Payment Methods to Prevent Bank Account Theft

Check fraud tied to mail theft is on the rise nationwide, with thieves targeting government relief checks during the pandemic. The U.S. Postal Service is vulnerable, and thieves who intercept checks can change the amount and drain funds from bank accounts. To protect yourself, use payment alternatives like online options or electronic payment apps, and consider using credit cards for transactions. If you must send a check, take precautions such as using a secure envelope, sending it directly to the post office, and using a black gel ink pen. If a check goes awry, contact your bank immediately, file a police report, and monitor your credit reports for any suspicious activity.

via MarketWatch|
#banking#check-fraud#financial-security
crime2 years ago

"Rising Postal Service Theft Prompts USPS Service Suspensions and Safety Tips"

The U.S. Postal Service is addressing the increase in robberies of mail carriers and mail theft, which have contributed to a rise in check fraud. While the Postal Service has not officially warned customers about mailing personal checks, experts suggest using caution and considering online payment methods for increased security. Measures being taken include deploying more secure collection boxes and replacing older locks with electronic locks. Some in Congress are pushing for more aggressive action to combat mail theft. Thieves employ various methods, such as glue traps and mailbox fishing, to steal mail and attempt check fraud. The decline in check usage has not deterred criminals, who have increasingly targeted the mail since the COVID-19 pandemic. The Postal Service advises retrieving mail daily, avoiding nighttime collection box use, signing up for Informed Delivery, and reporting suspicious activity to help prevent mail theft.

via USA TODAY|
#check-fraud#crime#mail-carriers
finance2 years ago

Check Fraud on the Rise: Americans Urged to Take Precautions.

Check fraud has been on the rise since 2020, with stimulus checks becoming a target. Banks reported 680,000 cases of check fraud in 2022, up from 350,000 in 2021. The US Postal Inspection Service also reported roughly 300,000 complaints of mail theft in 2021. Scammers are using sophisticated, multi-person schemes to steal checks and drain bank accounts. Postal authorities and bank officials are warning Americans to avoid mailing checks if possible, or at least to use a secure mail drop such as inside the post office.

via Business Insider|
#bank-accounts#check-fraud#finance
finance2 years ago

Check Fraud on the Rise: Americans Urged to Take Precautions

Check fraud is on the rise in the US, with banks reporting 680,000 cases of check fraud in 2021, up from 350,000 in 2020. The US Postal Inspection Service also reported over 300,000 complaints of mail theft in 2021. Small businesses and individuals are being advised to take additional safety measures or avoid sending checks through the mail altogether. Banks are increasingly watching for signs of fraud and training employees to take steps to prevent it, but criminals are becoming more sophisticated and aggressive. Experts recommend avoiding sending checks in the mail or using secure mail drops, and opting in to a bank's "positive pay" services with a business checking account.

via OregonLive|
#banks#check-fraud#finance
finance2 years ago

Americans urged to avoid mailing checks as check fraud cases soar.

Check fraud is on the rise, with banks reporting 680,000 cases of check fraud in 2021, up from 350,000 in 2020. The US Postal Inspection Service reported roughly 300,000 complaints of mail theft in 2021, more than double the prior year’s total. Small businesses and individuals are being advised to take additional safety measures or to avoid sending checks through the mail altogether. Banks are increasingly watching for signs of fraud at branches and through mobile check deposit services, including large check deposits.

via The Associated Press|
#banking#check-fraud#finance