As electronic funds transfer payments are becoming more prevalent, Security Savings Bank Vice President Dorothy Ricketts reports that is due to increased check fraud by scammers:
“Part of the reason in defense of the businesses asking for EFT is that there is check frauds increasing by leaps and bounds. Checks are being stolen out of the mail, especially those checks that appear to be invoice payments. The checks are taken and they are either altered or they are counterfeited. Check fraud is huge right now in the banking world. Neural Networks protect debit card and credit card transactions, so if something is out of character, based on history, the Neural Networks will shut down a debit or credit card transaction. Checks, most banks don’t review every check, every day. Many review checks over a certain amount, but there is still a lot of room for fraud to take place.”
Steps to remember in preventing check fraud include storing checks in a secure location, utilize digital payment methods when you are able, and monitor all accounts for suspicious activity.
