The American Bankers Association and U.S. Postal Inspection Service have teamed up on a public awareness campaign to fight check fraud, which has increased by 385% since the pandemic.
04/10/2024 1:25 P.M.
2 minute read
The American Bankers Association and U.S. Postal Inspection Service (USPIS) recently announced a joint effort to combat the rapid rise in check fraud, which has increased by 385% since the pandemic, according to the U.S. Treasury Department.
ABA and USPIS’ anti-check fraud initiative will focus on four main areas, according to a press release:
- Educating U.S. Postal Service and bank customers about check fraud and what they can do to protect themselves;
- Addressing money mules and collusive accountholders;
- Collaborating with law enforcement; and
- Training bank employees and postal workers on red flags and prevention.
“We appreciate this opportunity to join with U.S. Postal Inspection Service to inform and protect consumers,” said ABA President and CEO Rob Nichols. “Working together to address the unprecedented rise in check fraud offers us a number of opportunities to make a difference, including educating the public on how to safely use the mail system to send checks while also taking advantage of the advancements in payments technology banks offer.”
Criminals commonly target the U.S. mail to steal checks, alter or wash them to change the payee and dollar amount, and ultimately steal money from victims’ accounts.
A CNBC article explained how the age-old forgery scam has been enhanced with today’s technology.
“One app in particular, Telegram, has made it easier for organized crime groups to recruit, train, organize and execute the schemes,” according to the article, in part because the platform “allows users to send encrypted messages to each other and groups, [making it] popular among criminals because they can hide their identity behind anonymous usernames, according to U.S. law enforcement officials.”
ABA and the U.S. Postal Inspection Service released a consumer resource to educate consumers about check washing and what they can do to protect their mail and checks.
The groups note that consumers who suspect they have been a victim of check fraud should file a report immediately with:
- Their bank and request copies of all fraudulent checks
- The local police department
- The U.S. Postal Inspection Service at www.uspis.gov/report.
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