Last year, reports of check fraud filed by banks nearly doubled to 680,000, from 350,000 in 2021, according to FinCEN. The FinCen network said it issued the alert last month in collaboration with the U.S. Postal Inspection Service, the law enforcement arm of the post office. USPIS said it received more than 299,000 complaints of mail theft from March 2020 through February 2021, a 161 percent increase from a year earlier.
It’s estimated check fraud will cost consumers $24 billion this year. According to J.D. Power research, 36% of banking customers say they have experienced at least one type of fraud in the past 12 months.
If you write, send, and/or receive checks, you have a good chance of being a victim of check fraud. This could be stolen blank checks from your office or checks you’ve written stolen out of the mail. It could also be receiving bogus checks from customers.
One reason check fraud is on the rise is because there is so much security built into digital bank transfer services. Consider using digital services to help avoid being a victim of check fraud.
Positive Pay lets you monitor your account to proactively stop check fraud before it occurs by making decisions on whether to pay or return items on a daily basis. It helps protect against forged, altered, and counterfeit checks.
Contact us today to learn more about Positive Pay and all these fraud-fighting cash management tools: