Posted On: September 12, 2023 by Falcon National Bank in: Manage your Business | Business Banking, Your Financial Life | Personal Banking
Recent surge in mail theft related check fraud schemes in Minnesota and across the country.
It takes some diligence, but with the right knowledge, a reliable banking partner, and the use of effective tools, you can empower yourself to safeguard against potential threats like check fraud schemes.
What does the fraud look like?
Here is a typical example of what business customers are experiencing:
A business customer drops a check payment in the mail payable to their vendor. At some point along the way, the check is stolen by criminals. (Criminals target USPS blue collection boxes, unsecured residential mailboxes, and privately owned cluster box units – such as at high-density commercial buildings.) The criminals will then do one of two things: either “wash” the check or create counterfeit checks from the original.
Check washing and counterfeiting, oh my!
In check washing, criminals use chemicals to remove the original payee information and replace it with their own personal name, or the name of a business account that the criminal controls. They
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