Although check washing isn’t new, it’s experiencing a resurgence, with postal inspectors recovering over $1 billion in counterfeit checks and money orders each year. These scams involve stealing checks, altering payee names and changing dollar amounts before fraudulently depositing them. Recovering stolen funds can be a long and tedious process, but by taking preventive measures, you can reduce your risk of becoming a victim:

BEST PRACTICES FOR WRITING AND MAILING CHECKS

• Utilize a pen with black non-erasable gel ink.
• Do not write checks to “cash”.
• Avoid leaving large blank spaces when writing checks.
• Never write your social security number on a check.
• Use checks sparingly. Use online banking or electronic forms of Bill Pay when possible.
• Avoid mailing checks and if you must, mail checks from inside the post office.
• Do not leave checks in your own mailbox for the mail carrier to pick up.
• Do not drop mailed checks into drop boxes outside of churches, offices, etc.
• Do not drop mailed checks into neighborhood mailboxes.

PROTECT YOUR CHECKS

• Always use a reputable check vendor, preferably through your institution.
• Store checks and bank statements in a locked drawer/cabinet and be sure to shred any sensitive information.
• Never leave your checkbook in your car.
• Never leave your checkbook unattended if you have a housekeeper, contractors, or other service people inside your home.

REVIEW AND MONITOR YOUR ACCOUNTS

• Balance your checkbook and bank statements.
• Monitor your accounts regularly. Daily is best.
• Open and review checks that posted to ensure the payee name and/or amount has not been altered. Don’t rely solely on the amount for verification.
• If identified as fraudulent or suspicious, checks can be returned within 24 business hours from when the check is posted.

Again, while this scam isn’t new, it’s important to take these preventative measures so you can reduce your risk of becoming a victim, and we hope they will prove helpful for you. To learn more or contact us, call (859) 514-6161 or email [email protected].