Check fraud is on the rise. In addition to advanced printing and scanning technologies which make it easier for thieves to convincingly alter your check, they are now selling these checks on the dark web.
How Does Check Fraud Work?
Thieves steal the checks by breaking into mail drop boxes or in the mail you leave for your mailperson to collect. Once they have a check you’ve written, they can alter the payee and the amount. Then they either cash your check or sell it to another fraudster online.
How Prevalent is Check Fraud?
According to the FBI, 70% of U.S. organizations reported check fraud, resulting in more than $18 billion in losses. The average phony check or money order scam results in $1,500 in losses per item, according to the Better Business Bureau.
Tips to Avoid Becoming a Victim of Check Fraud
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Paying your bills using ACH or Online Bill Pay from PFCU
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Using a payment app such as Venmo or PayPal
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Hand-delivering your check payments to the post office
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Using a locking mailbox or PO box
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Not accepting checks from people you don’t know
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Verifying a cashier’s check is valid before depositing it
Have questions? Please contact PFCU and one of our team members will be happy to assist you.
