2nd Quarter, 2022
CHECK FR AUD S TILL HAPPENS
by
T O D D S . A DA M S chief executive officer
W
ith the availability of so many alternatives, people are writing fewer checks. Unfortunately, check fraud never goes out of style. Organizations that track mail-related check fraud say thieves have been increasingly active over the past year, using stolen information to create fake checks. They use them to deposit money into their own accounts or they sell the counterfeits on the darknet. We continue to see evidence of various types of check fraud in the communities we serve, as well.
WHAT YOU CAN DO TO PRE VENT CHECK FR AUD:
✔ Order checks only through a reputable
source, like your bank. We have vetted the check vendor and know their security measures. Limit the information provided on your checks to what is absolutely necessary. Avoid listing sensitive information such as your date of birth or driver’s license. Be selective when paying with a check. In any transaction, ask yourself how much of your personal information you want to be made available. When mailing bills with checks enclosed, drop them off directly at the post office. Placing the f lag up on your home mailbox may attract identity thieves. Keep checks and checkbooks safe. Store them in a secure location at your home rather than carrying them around. Shredding is the most secure method of disposal for old or canceled checks.
✔ ✔ ✔ ✔
There may be situations where checks are the only payment method accepted. However, because checks contain sensitive information such as your bank account and routing numbers, they pose unique security risks. While a compromised debit or credit card can be easily shut off, the process to stop payment on a check is more involved. Making an affidavit of forgery and opening a new account if yours has been compromised is even more inconvenient.
If you’ve already taken steps to reduce check use by using ACH payments, be aware that ACH fraud is also on the rise. Beware of “phishy” emails requesting that you change the routing or account number on your ACH payments. Don’t change that payment information without first calling that vendor at a number you have on file to confirm the request is legitimate.
Regardless of what payment me t ho d you sele c t , we encourage all customers to sign up for AdamsAlerts to help monitor account activity. Using online banking or your mobile device to view your check images can also help ensure they didn’t get “washed” or altered between you and the intended recipient. Please notify us immediately if a counterfeit or altered check is posted to your account. For businesses, we offer Positive Pay as a business account feature. See the ad on page 4 of this issue or talk to your relationship banker to learn more.
QUICK TIP: Did you know the AdamsAlerts system offers special alerts just for check use? For example, you can choose to be alerted when a particular check number or any check number clears your account. AdamsAlerts is available through both the Adams Bank & Trust Mobile App and desktop login to your account at abtbank.com. *Message and data rates may apply. Some restrictions may apply.
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