Checks are being stolen directly from personal and business mailboxes by shady individuals and organized criminal groups. What are they doing with these checks? They’re washing them to rewrite the amounts and to change payees.

Business checks are highly sought after because thieves believe that businesses are better funded. Plus, businesses may take longer to notice fraudulent activity, making them an easier target.

How can you protect yourself and your business from check fraud?

• Install a locking mailbox or mail checks directly from the post office.
• Use remote deposit or online payments.
• Keep blank checks in a locked/secure area.
• Shred deposited checks and documents.
• Complete daily account reconciliation to detect fraud quickly.

If you are a victim of check fraud, report it to your bank immediately. Your bank can then initiate a claim with the bank that accepted the fraudulent checks.

Recovery could take 90 days or more, and while likely, it’s not guaranteed. The timeframe for reporting check fraud varies by state, so report any check fraud problems immediately.

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