Not too long ago, experts confidently declared that traditional checks were on the brink of extinction. Yet, contrary to those predictions, checks have not disappeared entirely from the financial landscape.
This persistence has opened the door for opportunistic scammers to exploit their ongoing use.
A recent survey conducted by the Association for Financial Professionals reveals a troubling reality: checks remain the payment method most susceptible to fraud. The reasons behind this vulnerability are multifaceted, but one significant factor is a dramatic increase in mail theft schemes targeting checks. The postal service has reported over 2,000 attacks on mail carriers, allowing criminals to pilfer mail directly from delivery vehicles or even gain access to master keys for USPS collection boxes.
Jeff Taylor, who leads Commercial Fraud Forensics at Regions Bank, illuminates this alarming trend. He notes that while checks may be used less frequently in everyday transactions, the incidence of fraud associated with them has surged threefold, largely due to this age-old method of communication—the mail.
So, how exactly is this fraud unfolding?
Taylor elaborates, “There are a number of reasons for this rise in fraud, but perhaps the most concerning is the spike in mail theft-related schemes.” He highlights the postal service’s troubling figures regarding assaults on mail carriers, which have empowered fraudsters to seize mail from trucks and obtain the keys necessary to access secured mail collection points.
He explains that the technique known as “check washing ” is even more insidious. This process allows scammers to erase the legitimate payee’s name on a check and replace it with their own fraudulent details. Such tactics have made checks an increasingly attractive target for those looking to commit financial crimes, underscoring a dark twist in the story of an outdated payment method that refuses to fade away.
Taylor emphasised the profound implications of unchecked mail security, stating, “This method allows for checks to be modified and eventually sold on the dark web.”
As the shadows of mail theft loom larger, it becomes increasingly vital to safeguard ourselves against this insidious crime. Fortunately, there are several proactive measures one can adopt to protect against the threat of mail fraud.
First and foremost, make it a habit to collect your mail every day. Leaving letters and packages in your mailbox overnight can cause trouble. If you’re planning to be away, utilise the vacation hold service offered by the postal service or enlist the help of a reliable friend to gather your mail while you’re gone.
Moreover, exercise caution when depositing outgoing mail. Avoid placing anything into the blue USPS collection boxes after their final pickup for the day, as this is often a prime time for thieves to target unsuspecting victims. Instead, take your mail directly inside your local post office, where it’s safer.
Another smart move is to sign up for USPS Informed Delivery. This handy service sends you daily emails containing images of your incoming mail, allowing you to stay informed and vigilant. You can easily enrol by visiting https://www.usps.com/manage/informed-delivery.htm.
In addition, consider transitioning from traditional checks to digital payment methods. This shift not only enhances convenience but also reduces the risk of your personal information falling into the wrong hands.
As Taylor aptly noted, “We believe that education is of the utmost importance when fighting the war against fraud.” Understanding these preventive strategies is crucial in our collective effort to outsmart those who seek to exploit our vulnerabilities. By taking these steps, we empower ourselves and fortify our defences against the growing threat of mail theft.
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