Check Fraud Awareness

In our last few newsletters, we discussed the uptick in Identity Theft and Debit Card fraud that accompanied the rise in cybercrime throughout the COVID-19 pandemic. Unfortunately, non-digital scamming such as Check Fraud is still being used by criminals. Luckily, there are often warning signs that indicate a check may be fraudulent. Consider investigating the origin of a check when the following criteria are met:

• If you are not expecting a check and receive one in the mail, it may be fraudulent.
• If you receive a check in the mail and you do not recognize the party who wrote the check out to you, it could be an attempt at fraud.
• If you receive a check informing you that you won a prize for a competition you did not enter, the check is very likely to be fraudulent.

These additional check fraud avoidance tips can also assist you in determining whether a scam attempt may be in progress:

• Never give out your online banking information or access credentials to anyone, including potential new employers, to friends, or even to family members. For example, even if a potential new employer reaches out to you offering to send funds to purchase equipment for your new job, do not provide them with your banking credentials. Fraudsters will deposit the check in your account and can then Cash App the funds to themselves as soon as the hold on the check expires. If the check then comes back as fraudulent, you are responsible for the missing funds.
• Keep in mind that the IRS will never call you asking you to deposit a check. If you receive a call from the IRS asking you to deposit a check, it is a scam.
• Amazon will never call you asking you about a check. If you receive an email about any purchase from Amazon, log in to your account and verify that it is actually related to a real order you placed. If you do not have an Amazon account, then the email you received is not real, it is a scam. There is nothing wrong with your order if you never placed an order to begin with. Always read the terms and conditions of any order that you place.

Even keeping these tips in mind, your Winston-Salem Federal Credit Union is here to help if you are ever unsure of a check. Our staff can help you investigate a suspect check or even the terms and condition of a suspect online order when it is brought to our attention. If you are considering depositing a suspect check without investigating its origin, bear in mind that you are ultimately responsible for the integrity of any check that you choose to deposit. If you deposit a fraudulent check and the funds are withdrawn by any party, they may be irrecoverable, and you will be responsible for them. Please do not hesitate to give us a call during business hours and our staff will happily consult with you on any suspect check written out to you. We do not want any of our members to be the victims of check fraud! By implementing these strategies and remaining vigilant for the tell-tale signs of potential check fraud, you can avoid being scammed.