Beware the Rise of Old School Fraud Techniques

When we think of financial fraud, we tend to worry most about new and evolving threats in the digital age. It can be easy to forget the, “old school” ways thieves use to grab an easy buck. But we should never let our guard down. The fact is, while today’s scammer is usually very tech savvy, there are those on the lookout for other ways to separate you from your hard-earned money…

While most Americans have moved on from writing checks and dropping them in the mailbox on a regular basis, the U.S. Treasury Department said check fraud has increased 356% since the COVID-19 pandemic, costing Americans a billion dollars a year.

The FBI and other agencies have consistently warned about increases in mail theft over the last several years. The thefts often lead to check fraud. With modern technology, it’s not difficult for a crook to steal a check from an envelope in your mailbox, use a simple bleach to wash off the payee and amount and write it out to themselves for whatever amount they want.

To guard against this, Scamicide says it’s a good idea to avoid using a ballpoint pen and go with a gel pen instead. That’s because the ink is much more difficult to wash off using chemicals.

However, more tech savvy criminals can also scan your check and use software to change the writing on it. Gel pens won’t help against that.  

This is why it’s important to check your bank statement frequently. As opposed to a scam where a victim gets tricked into giving someone their money, this kind of fraud is outright theft. Banks are much more likely to reimburse the stolen money as long as it’s reported within 30 days.  After that, the bank isn’t required to.

Obviously, the surest way to protect against check fraud is to use electronic transactions for paying bills and exchanging money. Of course, crooks are always looking for ways to target us there, too. That’s why you should make sure your passwords and online accounts are more secure than your mailbox.

Read the full article here.

You probably are already on the lookout for the new ways scammers can try to trap you. It's good to be aware. Just be sure not to forget some more traditional means people with bad intentions might undertake. You don't want to be their next victim!