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As check fraud becomes more common, safeguard your finances by following some basic tips!
In a nutshell, check fraud occurs when someone tries to steal money from your account by using a stolen, fake or altered check. Among the most popular tactics for check fraud are:
Check fraud has been around for years, but it continues to grow more sophisticated as time goes on. That’s why it’s important to stay alert and take proactive steps to protect your money.
9 Key Tips for Avoiding Check Fraud:
Digital payments are a great way to help protect yourself from check fraud. They’re often seen as safer because they use security features like encryption and two-factor authentication, which make them harder to intercept or change. They also leave a clear electronic record, making it easier to track payments and detect any suspicious activity.
Consider using digital payment options like online bill pay and Zelle® for faster, easier and safer transactions.
Check your account regularly using online or mobile banking. If you notice anything suspicious, report it to your bank right away. And review your paid checks online to make sure the payee and amount are correct.
Also, make sure to update your contact information via online banking or your mobile app. This way, you can immediately receive text alerts if fraud is detected. Gate City Bank’s Fraud Detection Center has your back 24/7 – monitoring your normal spending patterns and safeguarding your accounts!
Always keep your checks and account documents in a safe place, like a locked drawer or safe, and be careful about who has access to them. Never leave them in places where others can easily see or take them, like in your car or on your desk. Also, shred any old checks you no longer use.
If you need to mail a check, take it to a mailbox inside a postal office instead of a curbside mailbox to keep it safe from being accessed by others. You can also use tracking services to make sure the check reaches its destination safely. For example, USPS Certified Mail gives you a tracking number and requires a signature upon delivery.
Choose high-quality check paper with watermarks and microtext. These features make it harder for criminals to make fake checks – and they’re available to order through Gate City Bank in the Harland Clarke catalog!
On a similar note, it’s also important to use a pen with permanent gel ink. This makes it harder for criminals to change the information on a check. Black gel ink is a good choice in particular – it’s harder to erase because it soaks into the paper more.
Don’t write unnecessary personal information on your checks, like your Social Security number or driver’s license number. However, do make sure to fill in all the spaces on the check so criminals can’t add their own information.
It may go without saying, but it’s important to make sure the person you’re writing a check to is trustworthy and who they say they are. Be extra careful if someone pressures you to pay quickly. And for bigger transactions, like buying a car or house, consider working with your bank by using a cashier’s check or wire transfer for extra security.
Alternatively, don’t cash a check for more than what’s owed to you. Fraudsters may send you a check for a larger amount and trick you into returning the difference in cash. If the check is fake or there aren’t enough funds, the bank will eventually reject it. However, by that time, there’s a chance you’ll have already given the scammer the cash, and the funds will be gone.
If you’re a business owner, using positive pay through your bank is crucial for preventing check fraud. This service helps protect your business by matching the checks you write with those trying to be cashed. If a check is changed or not on your list, it will be flagged and stopped.
Finally, if you suspect your checks are lost, stolen or have been tampered with, it’s crucial to contact your bank right away. The sooner you act, the quicker they can take steps to prevent any fraudulent activity, such as stopping payments on compromised checks and securing your account.
Preventing check fraud and safeguarding your finances takes awareness and action. By following these tips, you can reduce your risk and protect yourself from becoming a victim.
If you’re a Gate City Bank customer and suspect fraud, or if you have general questions about fraud protection, please contact us! We’ll be happy to assist and guide you.
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Zelle® and the Zelle®-related marks are wholly owned by Early Warning Services, LLC, and are used herein under license.
