How To Protect Yourself From Check Fraud

Finances FYI Presented by JPMorgan Chase

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Now that graduation and wedding season are here, we may be reaching for our checkbook more than normal. But before you write that check, consider this. Check fraud is on the rise: if you need to write one, here are a few tips to consider. According to Business Banking Relationship Manager, Sean Lucas, from JPMorgan Chase, “Consider other payments, especially if you are planning to write out a check that says ‘cash.’”

Whether you’re writing a check at your local hardware store, or getting started on your dream backyard project, here are ten tips to help protect yourself from check fraud:

1. When writing out your check, use permanent ink vs. a pencil to prevent fraudsters from being able to change your information.
2. When adding the payee’s name on the check, make sure to fill out the whole line on the check, or draw a line to the end, so no one can add an additional name.
3. Fill out the dollar amount in numbers and be sure to use the right punctuation that matches the written amount. For example, One hundred dollars, $100.00.
4. Sign your checks the same way every time.
5. Avoid writing just the word “cash” on a check if you don’t know the name of the business or person you are trying to pay, as this can make it easier for someone to deposit your check if it is lost or stolen. Remember, checks may take a longer time to process, so consider using other traceable payment methods, such as Zelle or electronic payments. Zelle helps you send money that is deposited directly into your friend or family’s bank account.
6. Monitor your account online to ensure your check is cashed and that no information was altered – for example, is the payee and amount what you originally wrote? If not, contact your bank immediately.
7. Make sure you order your checks from a trusted and reliable source, such as through your bank.
8. When mailing a check, use only monitored and safe drop off places, or consider sending from your local post office.
9. Always store your checkbook in a safe place and don’t leave it out in public.
10. To help protect your account and monitor your transactions, sign up for alerts through your bank’s mobile app or website. By checking your accounts frequently, you can monitor transactions, see images of a deposited check to confirm accuracy and find copies of your statements. If you spot a suspicious transaction, be sure to immediately contact your bank for help.

For more information about fraud and scam prevention tips, visit www.chase.com/security-tips 

Finances FYI is presented by JPMorgan Chase. JPMorgan Chase is making a $30 billion commitment over the next five years to address some of the largest drivers of the racial wealth divide.