Do you practice safe checks?
While the use of checks has declined 25%, reports of check fraud have nearly doubled since 2021, according to a 2023 report from the Boston Fed, and those numbers continue to climb. Flatwater Bank is partnering with the American Bankers Association (ABA) to educate customers on steps to prevent check fraud. The #PracticeSafeChecks recently launched by the ABA empowers consumers with tips and tools to help combat the significant threat posed by check fraud and check washing scams.
The campaign, reminds consumers that every time they write a check, they are exposing personal information, and encourages the use of digital banking options whenever possible. The airline-themed safety tips include:
- Use permanent gel pens. Just like wearing a seatbelt when you fly, use permanent ink when you write a check to protect yourself.
- Avoid blank spaces. Make sure you fill out every blank space on a check so criminals can't fill them in instead.
- Withhold personal information. The person in the middle seat doesn't need to know your whole life story, just like you don't need to add personal info to your checks.
- Review accounts. Monitor your account activity online or in the Flatwater Bank mobile app as attentively as you await a safe arrival message from a loved one. Regular reviews ensure you quickly notice anything out of the ordinary.
- Check your checks. Regularly review your paid checks online and in our app. Ensure the endorsement is correct and reflects the intended payee and amount to guard against fraud.
- Use digital payment options. Consider switching to online bill pay for fast and secure payments.
- Follow up. Just as you confirm your flight details, make sure to follow up with payees to confirm they've received and deposited your check.
To learn more about check fraud and check washing, visit www.practicesafechecks.com.
For more information like this, visit our insider tips page to keep up to date on the latest financial tips and scams.
