Cheque fraud isn’t a topic that makes news headlines often, but it does represent a lot of business for identity thieves. The National Check Fraud Center now estimates Check Fraud in North America exceeds $1 Billion per year. Again, it can be only an estimate because not all such fraud gets reported. Several types of crime are all related to Cheque Fraud: Counterfeit Cheques – Forgery – Cheque Alteration – Bank Fraud and White Collar Crimes. As individuals, we have more control over some of those crimes than we do over others.
Our blank cheques can be used by criminals in their forgery activities. They can access those in stolen wallets and purses, burglary and stolen mail. We recommend that when ordering new cheques, have them come to your financial institution rather than directly in your mail.
Cheque “washing” occurs when criminals use various chemicals to erase the “Payee” name and /or the dollar amount, then enter their own name and increase the dollar value. You can prevent that by writing cheques using gel pens formulated to penetrate the fibers of the paper and prevent “washing”. We recommend the Unibal207 and the Zebra Z-Grip Max Gel.
From The National Check Fraud Center
- FORGED SIGNATURES–legitimate blank checks with an imitation of the payer signature;
- FORGED ENDORSEMENTS–often involves the use of a stolen check, which is then endorsed and cashed or deposited by someone other than the payee;
- COUNTERFEIT CHECKS–due to the advancement in color copying and desktop publishing capabilities, this is the fastest-growing source of fraudulent checks today;
- ALTERED CHECKS–information on a legitimate check, such as payee or check amount, changed to benefit the perpetrator;
- CHECK KITING–the process of depositing a check in one bank account into a second bank account without the sufficient funds to cover it.
DON’T GIVE OUT BANK OR CREDIT CARD INFORMATION OVER THE PHONE
NEVER PAY ANY MONEY FOR ANY PRIZE YOU HAVE WON
FINANCIAL INSTITUTIONS AND CREDIT CARD COMPANIES DO NOT SEND E-MAILS REQUESTING UPDATED PERSONAL INFORMATION.
Please go to lloydkenney.wearelegalshield.com for more information on how you can protect you and your family through IDShield and LegalShield. Contact us at firstname.lastname@example.org.
For information on other services we have available, please visit performanceplanning.ca.