Mail Theft and Check Fraud on the Rise
Check fraud and mail theft are frustrating, inconvenient, and, unfortunately, on the rise. Now more than ever, it’s crucial to know how criminals steal checks, how they use them to commit fraud, and how to protect yourself from becoming a victim of check fraud.
Common mail theft and check fraud schemes
First, criminals steal checks from the mail.
- Fishing: Criminals attach a sticky substance to a weighted object tied to the end of a string, drop it into a mail collection box, and “fish” out the mail in search of checks and personal data.
- Arrow keys: Thieves steal these U.S. Postal Service universal keys and use them to open multiple mailboxes in a targeted area.
- Robbery: Criminals target U.S. postal workers to gain access to mail.
Then, they use the stolen checks to commit fraud.
- Counterfeit checks: Criminals create fake checks using the victim’s account information to draw money from the victim’s account.
- Altered checks: Criminals change the information on a check, such as the dollar amount or payee information.
- Forged endorsements: Fraudsters sign the back of the check made out to someone else and cash it for themselves.
Tips to help protect against mail theft and check fraud
Reduce your use of checks. Writing fewer checks can help reduce opportunities for check fraud. Instead, you can send money in KeyBank online and mobile banking using Bill Pay and Zelle®.1 Small businesses can also take advantage of additional services designed for fraud protection.
Be careful when mailing checks. Fraudsters are targeting the mail and mail carriers to steal checks. Avoid mailing checks using U.S. Postal Service blue boxes or your own mailbox. Refrain from leaving checks in your mailbox overnight, and, if your mailbox has a flag, avoid raising it.
Always shred personal documents Fraudsters can target victims by using information on old checks, ATM receipts, statements, and other documents.
Monitor your accounts. Check your accounts daily and immediately report unauthorized transactions to help increase the chance of recovering the money.
Sign up for texts2 or email alerts from Key. These alerts can help reduce the risk of identity theft and fraud by letting you know when certain transactions or changes happen on your account.
Follow best practices when writing checks. Never endorse a blank check and be sure to endorse a check only at the time you are cashing or depositing it. If you’re using mobile deposit, indicate “mobile deposit” and the date of deposit on the back of the check. When writing checks, avoid leaving long blank spaces on the payee or dollar amount lines.