Don’t Fall Victim to Check Fraud: Tips for Keeping Your Finances Safe
Let’s imagine a scenario. Gretchen, a retired teacher and valued member of Educational Community Alliance Credit Union, mailed a routine bill payment—only to find her account drained days later. Her check had been stolen, altered, and cashed before she even noticed. Unfortunately, while Gretchen’s story is just a made up example, it reflects a growing trend affecting individuals and businesses alike across the country.
Mail theft remains a primary source, with criminals targeting mailboxes and USPS drop boxes. Stolen checks are altered or sold online, often leaving victims unaware until it’s too late. However, fraudsters continue to refine their tactics, targeting both traditional and digital transactions such as:
- Counterfeit Checks: Advanced printing technology enables criminals to create near-perfect fake checks.
- Remote Deposit Fraud: Scammers deposit the same check multiple times using mobile banking.
- Synthetic Identity Fraud: Fake identities, blending real and falsified details, are used to open fraudulent accounts.
How to Protect Yourself
Secure Your Mail:
- Retrieve mail promptly and use USPS Hold Mail™ when traveling.
- Sign up for Informed Delivery® for mail tracking.
- Drop off mail inside a post office or collection box before the last pickup.
Protect Your Checks:
- Use black gel ink to prevent alterations.
- Avoid leaving blank spaces on checks.
- Monitor your accounts frequently.
- Opt for electronic payments when possible.
Stay Informed and Vigilant
- Safeguard personal information – avoid sharing account details unnecessarily.
- Be cautious with mailed checks – consider using secure mailing options.
- Watch for scams – verify unexpected checks before cashing.
At Educational Community Alliance Credit Union, your security is our priority. If you have any questions or concerns about combatting check fraud, please don’t hesitate to give us a call at (866) 381-2323 or stop by and see us —we’re here to help!
Posted by Kelley Parks in Uncategorized.