Check fraud may sound like an old problem, but it’s still one of the fastest growing types of financial fraud. While many payments now happen online, millions of people still use paper checks to pay rent, send gifts, make business payments, and cover bills. And any time money is moving, fraudsters are paying attention.
America Saves has provided several educational resources to help explain what check fraud is, the different types of check fraud to look out for, how to detect check fraud, and what to do if you’re a victim.
If you suspect any type of fraud at all, we’re here to help. Please contact us through live chat, call at 314.962.6363, or visit a branch if you suspect something suspect.
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What is check fraud? How it happens and why it’s increasing
Check fraud happens when someone uses a check illegally to steal money or gain access to personal information. Than can mean stealing a check from the mail, creating a fake check, changing the details on a real check, or using scams to convince someone to deposit a fraudulent check.
Checks include sensitive information like your full name, address, account number, and routing number. In the wrong hands, that information can be used for more than just one transaction.
And because checks can take time to process, fraud may not be discovered right away.
More information about check fraud
5 common types of check fraud you should know
Even in a digital world, checks (paper or electronic) contain valuable information that criminals can use to steal money or commit fraud. At the same time, scammers are increasingly combining check scams with electronic payments, mobile deposits, and peer-to-peer payment apps. The five most common types of check fraud include:
- Mail theft
- Check washing
- Counterfeit checks
- Fake check scams
- Forged checks
Learn about common check scams
How to detect check fraud early
Whether a check was stolen from the mail, altered, forged, or used in a scam, the sooner you notice suspicious activity, the better your chances are of limiting financial loss and protecting your account. The challenge? Check fraud is not always obvious right away.
A payment may seem delayed. A check might clear for the wrong amount. Or you may notice a transaction you don’t recognize weeks later. That’s why regular account monitoring matters. Here’s how to spot the warning signs of check fraud and what to do if something doesn’t look right.
How to detect check fraud early
What to do if you’re a victim of check fraud
Finding out you’ve been a victim of check fraud can feel overwhelming. Maybe a check was stolen from the mail. Maybe your account shows a payment you never authorized. Or maybe you deposited a check that turned out to be fake.
No matter how it happened, one thing is true: acting quickly matters. The sooner you respond, the better your chance of limiting financial loss, protecting your account, and preventing further fraud.
Here are the steps to take
