Do You Practice Safe Checks?

Do You Practice Safe Checks?

It should come as easily as fastening your seatbelt on a plane, so buckle up for this one. Despite the fact that check use has declined by 25%, reports of check fraud have soared. In fact, they’ve doubled since 2021. Criminals are becoming more sophisticated and finding new ways to steal your financial information to gain access to, and fly off with your money. MainStreet Bank is committed to helping our customers protect their businesses from fraud and use checks safely.

Don’t give criminals the runway: Understanding the tactics they use can be your first line of defense.

If criminals get ahold of your check, they could use what’s known as check washing. Chemicals are used to “wash” checks, erasing and rewriting details to siphon funds into their own accounts. If a criminal gets ahold of your account and routing number, they can stow that information away and easily steal your money by creating counterfeit checks using modern printers and software.

Remember, every time you write a check, you expose your personal information, such as your company’s account number, routing number, business name and signature. Maybe sure your payments land safely by using digital options whenever possible. but if you have to write a check, keep these tips in mind to practice check safety:

• Use Permanent Gel Pens. Just like wearing a seatbelt when you fly, use permanent ink when you write a check to protect yourself and your business.
• Avoid Blank Spaces. Make sure you fill out every blank space on a check so criminals can’t fill them in instead.
• Reduce Mailbox Risk. If you must send a check, take it directly to the post office and send it Priority Mail. Regular mail and business mailboxes are common targets for theft.
• Review  Accounts. Monitor your account activity online or in the MainStreet Bank mobile app. Regular reviews ensure you quickly notice anything out of the ordinary.
• Check Your Checks. Regularly review your paid checks online and in our app. Ensure the endorsement is correct and reflects the intended payee and amount to guard against fraud.
• Use Digital Payment Options. Consider switching to MainStreet Bank digital payment options that are faster, trackable and more secure. Ask us about the safe payment options available.
• Follow Up. Just as you’d confirm your flight details, make sure to follow up with payees to confirm they’ve received and deposited your check.

For more tips, resources and videos on how to #PracticeSafeChecks, visit PracticeSafeChecks.com.