How Do I Protect Myself From Check Fraud?

Between paper checks and mobile apps, there are a lot of different ways to make a transaction these days. However, it's important to stay up-to-date to the latest check fraud threats to help protect your bank account. While the dangers of theft and counterfeiting may seem overwhelming, a little knowledge can go a long way to protect you against problems down the line. In this guide, we go through some of the most common types of check fraud and how to protect yourself against them.

Theft

How safe is your checkbook? Sure, you may keep it tucked in your purse or work desk, but is that really secure? We recommend being extra careful with blank checks, bank statements, and canceled checks. Consider placing them in a safe or locked drawer for extra security. If you have any old checkbooks or statements that you don't need, shred them! And stay on top of mail collection. Thieves may target neglected mailboxes for financial documents.

Scams

If you encounter a situation that's just a little too good to be true, trust your gut. Scammers target their victims with elaborate stories to steal money with minimal effort. Be wary of anyone who promises to send lottery money to your home, especially if you didn't buy a ticket! These scammers typically ask for a money wire in exchange for riches that will never arrive. Talk to your bank if you receive such an offer. They can confirm the validity of your earnings or report the scammer to the proper authorities.

Counterfeiting

Do you like to sell things online? Research the market to get a better sense of the prices you can expect. Some scammers offer outrageous sums of money for items in auctions and other virtual marketplaces. While you may rejoice this unexpected jackpot, be careful. As we said before: If it seems too good to be true, it probably is. You may find yourself on the receiving end of fake personal or corporate checks that are completely worthless. If you need cash in a hurry, consider a cash advance from CashMax rather than trusting a potentially unreliable customer.