How to safeguard yourself from the 400% increase in this crime
Check fraud is making a comeback with a fierce intensity.
I always inform you about scams, including crypto catfishing and AI deepfakes, to ensure your safety and your money is secure. You may be shocked to learn that old-school check fraud saw a 400% increase last year.
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In 2023, check scammers stole $26.2 billion from Americans, and you need to protect yourself from becoming a victim.
How crooks write themselves a blank check
Scammers use private groups on Telegram, Facebook, and TikTok to share tips and sell tools that make it easy for scams to spread. One of their tricks is buying universal keys that can open any USPS drop box or snapping up books of blank checks from the Dark Web.
Some criminals steal checks from your mailbox and use household chemicals like acetone to dissolve the ink and write themselves (or their alias) some money.
Fraudsters deposit their ill-gotten gains at an ATM or through a banking app, then withdraw the cash in small amounts to avoid detection. Before you or your bank realize it, they're off to the casino, purchasing designer goods or investing in real estate.
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What are banks doing about it?
Banks are tightening their deposit policies and increasing hold times to combat fraud, which may explain why your funds are taking longer to clear.
J.P. Morgan's instant access feature for deposits from bad checks was exploited by scammers in a recent viral TikTok glitch, resulting in many being sued. This serves as a reminder that crime does not pay.
5 ways to protect yourself and your money
- This locking mailbox ($99, 9% off) has an extra layer of security that keeps casual thieves from easily grabbing your mail.
- I have alerts set up for suspicious activity on my bank account, including withdrawals over a certain dollar amount and fraud alerts.
- Instead of using an outdoor mailbox, consider dropping off sensitive items like birthday money inside a post office. For recurring bills or one-time payments, apps like Zelle, Venmo or PayPal, or even ACH transfers, are secure and eliminate the risk of stolen checks.
- Sign up for USPS Informed Delivery to track your incoming mail online and be notified if anything goes missing before it arrives.
- I prefer using fraud-resistant pens to write checks that cannot be altered. This 4-pack is my go-to solution.
If you suspect fraud or any of your checks are missing, promptly file a report with your bank, USPS, and local police department. Request a case number to monitor the status of your claim.
The biggest checkwriters are baby boomers. They don’t like change.
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