Check fraud is on the rise. Here is what you need to know.
What: Across the nation, check fraud has been ramping up. According to the Financial Crimes Enforcement Network (FinCEN), the U.S. Treasury’s investigative arm, reports of check fraud have more than doubled over the past three years.
How: Criminals steal paper checks sent through the mail, for example, by fishing them from United States Postal Service mailboxes or even taking them out of personal or commercial mailboxes. There have even been cases of postal workers being robbed in search of checks.
Once the criminal has stolen a check, they either alter the original check by changing the payee and amount, or, more often, create a new check that often looks very similar to the original. They then deposit or cash the check, stealing money from your account.
How you can protect yourself and or your business:
- Review your account statements as soon as they become available to you and report any discrepancies to us.
- Use online banking to review copies of your checks to ensure payees and amounts are correct.
- Use pens with permanent black ink so it is more difficult to alter your checks.
- Do not leave blank spaces in the payee or amount lines of the checks you write.
- Consider making payments online at trusted websites and using Bill Pay, a free service as part of our Online Banking.
Additionally, the United States Postal Inspection Service recommends that you:
- Drop off mail in blue collection boxes before the last scheduled pick-up time or directly at your local Post Office.
- Regularly check your mail. Do not leave mail in your mailbox overnight.
- If you are heading out of town, have the Post Office hold your mail or ask a trusted friend or neighbor to pick up your mail.
What to do if you’re a victim?
- Contact us immediately at 866.482.0404.
- Contact your local police department.
- File a report with the United States Postal Inspection Service at https://www.uspis.gov/report or call 1.877.876.2455.
