Check your Checks!
Protecting yourself and your business from check fraud
Check fraud is on the rise, even though check use is declining. How can that be? Mail theft-related check fraud schemes are a big reason why. Criminals steal checks from the U.S. mail system in various ways, specifically targeting USPS collection and residential mailboxes. Once they have it, criminals use sophisticated techniques such as check washing to change the payee name and dollar amount on the stolen check.
What Individuals Need to Know
Fraudsters can take and use personal information obtained from mail theft to steal the identity of a person and continue committing fraud in your name. Easily accessible technology like copiers or scanners can be used to print fake checks which may be sold or deposited. Stolen or altered checks can also be sold on the dark web to criminal organizations.
What Businesses Need to Know
As a business owner, you have multiple ways to pay your bills and vendors, and to receive payment from your customers. Checks continue to be a preferred method of business-to-business (B2B) payment, making them a favorite target for fraudsters.
Business checks also become targets for fraud because the criminals assume that business accounts are well-funded. They believe it can take longer for the business or their financial institution to notice that something is not right, or something doesn’t match up.
How We Can Help
It takes a team effort to help keep your money safe and to prevent check fraud like check washing. Please check your checks! You can do your part by reviewing your check images in online banking as they clear, to make sure everything is right. If you notice an issue with a check as you monitor your online banking, please call us right away at (574) 722-3855. The sooner we know there’s a problem, the more of an opportunity we may have to make it right or do something to help.
Learn more about rising check fraud here: https://verafin.com/2023/06/check-fraud-is-a-growing-problem-financial-institutions-need-a-solution/
Learn more about check washing and what to watch out for here: https://www.uspis.gov/news/scam-article/check-washing
Logansport Savings Bank uses a highly sophisticated fraud detection technology and anti-money laundering software to help us fight financial crime and protect YOU, our customers. There is never a guarantee that we can retrieve your money, or fully resolve your incidence of fraud if it happens to you. But we will do our best to assist and protect you and your money, whenever and wherever possible.