Protect Yourself from Check Fraud

While the rise of digital payments has shifted the way we handle transactions, checks remain a trusted form of payment for many. However, check fraud is on the rise, with criminals employing increasingly sophisticated methods to steal from unsuspecting victims. At Androscoggin Bank, we’re committed to keeping you informed about these risks and providing tips to safeguard your finances.

Mailboxes: A Target for Fraudsters

A common tactic used by criminals is stealing checks right from your mailbox. By intercepting outgoing or incoming checks, they gain access to your sensitive financial information.

If a criminal does manage to get hold of your check, they might engage in check washing. This involves using chemicals to erase important details from the check—such as the amount or the payee’s name—and rewriting them to siphon money from your account. Even a legitimate check can be altered if left vulnerable in the mail.

To prevent this:

• Avoid leaving mail in your mailbox overnight or for extended periods.
• If you’re sending a check, drop it off at a secure USPS location rather than leaving it in your personal mailbox.
• Consider using electronic payment methods when available, which offer more security.
• Use permanent gel pens to make it harder for fraudsters to alter details.
• Avoid leaving blank spaces to prevent fraudsters from adding information later.
• Keep an eye on your transactions, either online or through our mobile app, to spot any unusual activity early.
• Whenever possible, consider using secure online payment options to reduce the risk of check fraud altogether.
• Review your statement carefully and look at the images of the checks to assure the payee and/or amount was not changed.

Fraudulent Check Scams: Don’t Send Money Back

Another common check fraud scam occurs when fraudsters contact you, pretending to buy something or offering to send you money as part of a transaction. They might ask you to deposit a check, that you do not realize is fraudulent, and send a portion back to them via wire transfer, gift cards, or electronic payment. When the bank ultimately determines the check is fraudulent, you are left responsible for the loss. Here are some ways to avoid falling for this scam:

• Be wary if someone you don’t know asks you to deposit a check and send money back to them.
• Never agree to send money back via wire transfer, gift cards, or electronic payment.
• If someone offers to pay more than the agreed amount for a sale and asks for the difference to be returned, walk away—it’s almost always a scam.

What to do if You Fall Victim to Check Fraud

1. Contact Androscoggin Bank: Reach out to us right away. We can help determine if the check was fraudulent and guide you through the next steps.
2. Notify Local Authorities: Your local police department can assist in investigating the fraud.
3. Report to Federal Agencies: – File a complaint with the Federal Trade Commission (FTC) at www.ftc.gov or call 1-877-FTC-HELP. – If the scam occurred online, report it to the FBI’s Internet Crime Complaint Center at www.ic3.gov.

Check fraud can have a significant financial impact, but with awareness and the right precautions, you can minimize your risk. If you have any concerns or need assistance, Androscoggin Bank is here to help.