Adapted from the August AADMM Blog by Katherine Gudgel Many of you may have received…
Check Safety in the Age of Identity Theft
[et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” custom_padding=”37px|||||” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row _builder_version=”4.24.2″ _module_preset=”default” custom_padding=”||10px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]
Check Writing Has Some Pitfalls
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.24.2″ _module_preset=”default” min_height=”1035.5px” custom_margin=”|auto|0px|auto|false|false” custom_padding=”||0px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” custom_padding=”||1px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”]It used to be that check-writing was a way of life. It was the only way to pay bills or send money to a grandchild for their birthday. In 2022, FinCen, a unit of the US Treasury Department, reported a whopping 84% increase in check fraud reported by banks. This will dismay many of you, but check writing has become the LEAST secure way to send money and pay bills due to mail fraud.
By stealing your mailed check, a criminal can:
[/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_line_height=”1em” min_height=”135px” custom_margin=”||||false|false” custom_padding=”||0px|||” global_colors_info=”{}” theme_builder_area=”post_content”]- Use your account number online to charge purchases.
- Open a new credit card and tie payments to your account.
- Modify the check through a chemical wash process, which allows them to:
-
- Deposit to another account.
- Create duplicate checks by removing the To, Amount, and signature sections.
- Create a fake identity and use it for nefarious purposes. They have your name, address, and bank account information.
- Scan your signature.
- Take out loans in your name.
- If the check included an IRS payment voucher, it makes it far simpler to steal your identity, and claim tax refunds & government benefits.
There are some things you can do to prevent some of ways your check can be used against you. If you must write a check, consider taking advantage of these tips:
- Don’t put checks in an outdoor mailbox, even those of the postal service. Take them to the post office and use the indoor box. Retirement community USPS boxes are safer to use.
- Collect your incoming mail quickly so it can’t be stolen.
- Keep your PO Box key safe.
- Store checkbooks securely, preferably under lock & key. Don’t keep them in your purse or car.
- Use non-erasable blue or black gel ink to make the check harder to wash.
- Ordering Checks
—Buy the kind with security features like watermarks, holographs, microprinting, and heat-sensitive ink, to deter check-washing and forgery.
—Pre-print just your initials and last name on the check, like “P. L. Dough”. It doesn’t have to match what is on the bank account and forgers won’t know how to sign. Do not put your phone number on the checks. - Monitor your account transactions regularly.
- Turn on alerts through your bank for checks over a certain limit, foreign transactions, and whatever makes sense for your lifestyle.
- Shred checks once they clear unless you need a tax record. Shred unused books of checks.
- This may sound odd, but it happens: Never put a photo of a check on social media!!
- Checks to small businesses and individuals may be less safe due to poor handling.
Avoid Writing Checks Whenever Possible
- There are steps you can take to avoid writing checks altogether, if you have the skills to do so.
- Pay anyone from your bank bill pay system (online banking). The check that is then mailed does not show your account and routing number.
- Pay by credit card as long as you pay off the balance every month. Don’t use debit cards; they do not carry the same protection.
- Pay online at a vendor’s website–preferably with a credit card or PayPal™.
- Send money to friends, family with Zelle™, Venmo™, PayPal™, or other app.
- Set up autodrafts for regular payments to large corporations with good security.
- Pay taxes online at IRS DirectPay and through your state’s online payment system.
These methods are far more secure if you have good password management are not intimidated by ‘online everything’! Otherwise, you may need assistance to be more secure.
[/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]If You Become A Victim
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row column_structure="1_2,1_2" _builder_version="4.24.2" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_column type="1_2" _builder_version="4.16" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_image src="https://papertigresspfc.com/wp-content/uploads/2024/04/phone-in-hand.jpg" alt="hand holding a cell phone" title_text="phone in hand" _builder_version="4.24.2" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][/et_pb_image][/et_pb_column][et_pb_column type="1_2" _builder_version="4.16" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_text _builder_version="4.24.2" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"]Keep Good Records. Document the event, the calls you make, the information shared, phone numbers, dates, etc.
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]
- Notify financial institutions. This applies to any bank, investment company, or credit card company that might be involved.
- Notify the Police. Often, a police report is needed if any restitution is to be made.
- Passwords. Change passwords immediately on any affected accounts.
- Lock credit cards if the fraud involved a card.
- Freeze your credit with the 3 credit bureaus in the case of identity theft to prevent new loans being opened in your name.
- File a claim. If you have a credit restitution service, let them know. You may be able to file a claim and get help.
What You Need To Know
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]We hope none of our readers become victims! Unfortunately, those who do are at a higher risk of having it happen again. It is very comfortable and tempting to keep doing things the way you are used to doing them. But with check-writing, that may not be a good plan. Do your best to limit the number of checks you write and follow the tips above to be safer in this crazy world.
[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_divider _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_divider][et_pb_text _builder_version=”4.16″ _module_preset=”default” custom_padding=”10px|||||” global_colors_info=”{}” theme_builder_area=”post_content”]For more information, follow Paper Tigress on Facebook or Linked In. The links are below.
[/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]Your financial stability is our top priority.
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row column_structure=”2_3,1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”2_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_post_nav prev_text=”Previous” next_text=”Next” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_post_nav][/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][/et_pb_column][/et_pb_row][/et_pb_section]