This crime shot up 400%, how to protect yourself
As technology continues to advance, so do the tactics of scammers looking to make a quick buck. However, a surprising trend in old-school check fraud has seen a 400% increase in the past year, with scammers stealing a whopping $26.2 billion from unsuspecting Americans. In order to combat this rising threat, it is important to educate yourself on how these criminals operate and take necessary precautions to protect yourself and your hard-earned money.
Scammers are utilizing a variety of methods to carry out check fraud, from purchasing universal keys to open USPS drop boxes to using household chemicals like acetone to alter checks. They then deposit the fraudulent checks through ATMs or banking apps, withdrawing the cash in small increments to avoid detection. These criminals are using technology to their advantage, but there are steps you can take to safeguard against becoming a victim.
Banks are implementing stricter deposit policies and extended hold times to verify deposits for potential fraud. This means that your funds may not clear as quickly as they once did, but it is a necessary precaution to prevent check fraud. Additionally, setting up alerts for suspicious activity on your bank account and using secure payment apps like Zelle, Venmo, or PayPal can help reduce the risk of stolen checks.
To further protect yourself, consider investing in a USPS-approved locking mailbox, setting up USPS Informed Delivery to track your incoming mail online, and using fraud-resistant pens when writing checks. If you suspect fraud or notice any missing checks, be sure to file a report with your bank, USPS, and local police department immediately.
Check fraud may be an old-fashioned crime, but it is still a prevalent threat in today’s digital age. By staying informed and taking proactive measures to protect yourself, you can reduce the risk of falling victim to these scammers. Stay vigilant, stay informed, and keep your finances safe from those looking to exploit vulnerabilities.
