Do you know why scams are not stopping even after technology has become so strong and even in this era, cases of fraud through old methods are increasing? According to the report of the Treasury Department’s Financial Crimes Enforcement Network Unit, there has been a 400% increase in check fraud cases in 2023. And this crime is not high-tech, but even today it remains a big problem for American citizens. So let’s know how to get rid of this problem
$ 26.2 Billion Stolen in 2023
Check scammers have caused losses of up to $ 26.2 billion by stealing and altering checks directly from our mailboxes. If you are not careful, you too can become their victim.
How do fraudsters work?
Mailbox theft: Scammers often take checks directly from your mailbox.
Use of dark web and social media: These crooks stay connected and share new methods on platforms like Telegram, Facebook, and TikTok.
Removing ink: These scammers use household chemicals like acetone to remove ink from cheques and prepare fake ones for themselves.
Banking apps and ATMs: Fraudsters deposit cheques in the bank digitally or through ATMs and withdraw the money slowly so that no one suspects anything.
Why are banks getting strict?
Banks are now taking strict measures to prevent cheque fraud. In many cases, cheques are taking longer to clear, as banks are being extra vigilant in verifying the deposits.
How to protect yourself?
- Keep your mail safe: Make sure your mailbox is safe and don’t keep cheques in it.
- Use digital payments: Use digital payment options instead of cheques.
- Set bank alerts: Use the alert feature in the banking app to immediately detect any unauthorized activity.
- Report suspicious activities: If a cheque is stolen, immediately notify your bank and the police.