9 Tips for Preventing Check Fraud
In today’s digital landscape, it’s easy to overlook the risks associated with traditional paper checks. However, check fraud remains a prevalent threat. In fact, check fraud has almost doubled since 2021 despite the use of checks declining by 25%1.
Awareness is key to protecting your finances and mitigating the risks before fraud begins. To do so, here are nine practical tips to help you safeguard against check fraud and keep your funds secure.
- Monitor Your Accounts Regularly
Regularly monitor your accounts, either through online banking or mobile apps, for any unrecognized transactions. Set up alerts for suspicious activity and report any concerns to your financial institution immediately.
- Opt for Electronic Payments
Whenever possible, use electronic payment methods like credit cards, debit cards, or online payment services. These methods are more secure and leave a clear record of the transaction.
- Secure Your Checks
Keep blank checks locked away in a secure location. Promptly retrieve checks delivered by mail, and report lost or stolen checks to your bank immediately to stop payment.
- Avoid Mailing Checks
Deliver your checks to the post office rather than putting them in the mail to avoid mailbox theft, which is a primary way that checks are stolen.
- Use Online Banking
Online banking offers real-time transaction monitoring and the ability to set up alerts for suspicious activity. Many platforms also provide fraud detection tools and enhanced security features. To take advantage of tools like these, check out what ENB Online and Mobile Banking has to offer.
- Consider Positive Pay
If you own a business, this service verifies daily transactions against check issuance information and provides an exception list for client review. Here at ENB, our list of fraud prevention services includes Positive Pay, Reverse Positive Pay, ACH Positive Pay, and ACH Debit Block.
- Protect Your Personal Information
Never share your account or routing numbers with untrusted sources. Be wary of unsolicited requests for personal information, especially via phone or email. Always verify the identity of the requester to avoid phishing scams. Shred any documents with your account information, including old checks and statements, before throwing them away.
- Write Checks Carefully
Avoid leaving blank spaces on your checks. Fill in all the lines completely and draw a line through any unused space.
- Use Tamper-Proof Pens to Avoid Check Washing
Criminals can erase ink from checks. Use check stock with security features that resist tampering or a tamper-proof pen with non-erasable ink, such as gel ink, which is harder to remove than standard ballpoint ink.
It is important to stay informed about the latest check fraud schemes and mitigate the risks before fraud begins. For more tips and information on check fraud, you can also visit the American Bankers Association’s Practice Safe Checks website at https://practicesafechecks.com/.
Stop by your local ENB Community Banking Office today or give us a call at (877) 773-6605 for more information on fraud prevention.