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As a business owner, it is important to protect you and your accounts against fraud. One popular scheme, is check fraud. You could be the target of a check fraud scheme if your business has experienced things like having your checks stolen or altered, unauthorized withdrawals, counterfeit checks using your account information, and more. Business accounts are often more susceptible to check fraud due to large transaction volumes, more funds, and higher liquidity making it increasingly difficult to detect fraudulent activity.
Protecting your business:
Fraudsters can intercept inbound or outbound mail and recruit people to gain access to sensitive information like account numbers. It’s important to confirm that checks drawn from your business accounts are received by the intended recipients. Outstanding checks that appear to have not been received should be flagged. In addition, be cautious when mailing checks. Use the letter slots inside your post office for your outgoing mail or hand it directly to a letter carrier and pick up your mail promptly after delivery.
When a scam is suspected:
If you suspect a scam, contact your bank and report the fraud immediately. If feasible, change your account numbers and report the fraud to your local police department and the United States Postal Inspection Service: USPIS.gov or call 1-877-876-2455.