Protecting Your Business from the Rise in Check Fraud
At our credit union, protecting your business is a top priority. We’re seeing an increase in check fraud impacting business accounts across the country, and we want to make sure you have the tools and awareness to stay protected.
Even with the growth of digital payments, checks are still commonly used and unfortunately, they can be a target for fraud.
How Check Fraud Happens
Fraudsters are using a variety of methods to access business funds, including:
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Mail theft: Checks are stolen from mailboxes before they reach their destination
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Check washing: Chemicals are used to alter the payee name or dollar amount
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Counterfeit checks: Fake checks are created using your business account information
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Unauthorized account access: Fraudsters gain access to your account and issue checks
What to Watch For
We encourage you to regularly review your account and look for:
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Transactions that don’t match your normal payment activity
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Checks clearing out of order or with duplicate numbers
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Missing checks from your check stock
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Changes to payee names or amounts on cleared checks
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Unexpected withdrawals or large-dollar items
If something doesn’t look right, trust your instincts and contact us right away.
Steps You Can Take to Stay Protected
A few simple steps can go a long way in reducing risk:
- Secure your checks: Keep check stock in a locked, limited-access location
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Limit check use when possible: Consider electronic payment options like ACH or wires
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Use secure mail practices: Drop mail inside a post office rather than in unsecured boxes
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Review your account frequently: Early detection is key to minimizing loss
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Set up internal controls: Require dual approval for payments when possible
We’re Here to Help
You’re not alone in this. If you have questions about fraud prevention tools or notice anything unusual, please reach out to us right away. We’re here to support you and your business every step of the way.
Together, we can help keep your business accounts safe.