To keep you and your money safe, I keep you informed about widespread scams, from cryptocurrency catfish to AI deepfakes. You will be surprised to hear this news. The crime that jumped 400% last year is old-fashioned check fraud.
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It’s not high tech, but it’s very effective. In 2023, a check fraudster stole it. $26.2 billion It comes straight from your mailbox, from Americans like you and me. We need to be careful not to become a statistic.
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How criminals write themselves blank checks
Scammers collaborate in private groups on Telegram, Facebook, or TikTok to share tips and sell tools that make it easier to spread their scams. Could it be one of their tricks? These include purchasing a universal key that can open a USPS dropbox or obtaining a blank check from the dark web.
However, many criminals simply steal checks directly from your mailbox. Then, use a simple household chemical like acetone to dissolve the ink and write yourself (or another name for it) your pocket money.
Scammers deposit cash at ATMs or directly from their couches using banking apps, then withdraw the money in installments without raising any alerts. Without you or your bank knowing, they’re heading to the casino, buying branded goods, and investing in real estate.
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Old-fashioned check fraud is all the rage these days, with the number of crimes increasing by about 400% over the past year. (Fox News)
What are banks doing about it?
Banks are cracking down on fraudulent activity by tightening deposit policies and extending deposit holding periods. So if you notice that your funds aren’t clearing as quickly as they used to, it’s because your bank is taking extra time to check for possible fraud.
A recent TikTok glitch exploited JPMorgan’s instant access feature for depositing bad checks. Scammers flooded in, and many ended up being sued. There is no reward for proving a crime.
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5 ways to protect yourself and your money
- Please use a USPS approved mailbox with a lock. This one ($99, 9% off) has an extra layer of security that prevents casual thieves from easily stealing your mail.
- Set up notifications for suspicious activity. Please check your bank account regularly for any abnormalities. We set up alerts for withdrawals over a certain amount, and we also set up fraud alerts.
- Skip mailbox. For recurring bills or one-time payments, apps like Zelle, Venmo, PayPal, and even ACH transfers are secure and there’s no risk of your check being stolen. If you Really If you need to send something sensitive, such as birthday money, drop it inside the post office instead of using an outdoor mailbox.
- Sign up for USPS Informed Delivery. This free service You can check and track your incoming mail online, so you’ll know if something is lost before it arrives (or if it never arrives).
- Use only tamper-proof pens. My favorite low-tech solution is to write your checks using a pen specifically designed so that the ink cannot be tampered with. This 4 pack is my favorite.
USPS Informed Delivery and Fraud Prevention Pens are just a few ways to protect yourself from check fraud. (Fox News)
If your check is lost or you suspect fraud, report it immediately to your bank, USPS, and local law enforcement. Be sure to ask for the case number so you can track the progress of your claim.
The biggest check issuers are baby boomers. They don’t like change.
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