![]() ![]() ![]() Some cases, they're also stealing apartment mailboxes as well, so they're looking in those in order to find anything that's a check that they can just take. They're also robbing the people who deliver the mail, and usually those people will have a master key that can open a lot of those boxes, and so as soon as they get access to that key, they can get access to all of the mail that's in there. Oyin Adedoyin: They're stealing these checks from those big blue USPS mailing boxes that you see in neighborhoods and around schools. Whalen: How are the bad guys getting a hold of checks, and what are they specifically doing to collect money illegally? It's really important to check your bank account constantly just to make sure that you're up-to-date on what's coming in and what's coming out. Whalen: Oh, so maybe check your bank account often? They're usually looking for those incremental checks made out to smaller amounts that the victim might not even notice is missing until it's too late. However, most of the people that are stealing the checks are not just doing it one time, and they're not looking for a big check. So anyone who writes checks can be at risk of this type of fraud. Oyin Adedoyin: A consumer bank managing director at JP Morgan Chase told me that fraudsters don't discriminate. Whalen: Who tends to be the most at risk of being a fraud victim? They're going to still be asking for those paper checks. In other cases, certain companies only collect paper checks as payment, especially rent companies, mortgage companies, utility services. They got into the habit of sending paper checks specifically, older folks and people who are not as tech-savvy are going to be writing those paper checks more. Oyin Adedoyin: Yeah, for some people, they just prefer it. Whalen: Why are people still using paper checks? Making payments online is so easy. That's almost double the 350,000 fraud reports filed in 2021. So according to the Treasury Department, in 2022, banks filed 680,000 check fraud reports. Postal Service has jumped significantly over the past 18 months, specifically after 2021. Oyin Adedoyin: Theft of checks mailed through the U.S. So, Oyin, how widespread is fraud and theft regarding the use of paper checks? Oyin Adedoyin from the Wall Street Journal personal finance team joins us to talk about ways to reduce your chances of being at risk. Lots of people are still writing out paper checks, and that's raised the likelihood of them being the target of fraud and theft. Whalen: We'll talk to Oyin Adedoyin from the WSJ personal finance team about ways to reduce your risks after the break. Oyin Adedoyin: According to the Treasury Department, in 2022, banks filed 680,000 check fraud reports. Lots of us use debit cards and payment apps to make purchases, but many people still write out paper checks, and that exposes them to being the target of fraudsters. Whalen: Here's Your Money Briefing for Thursday, May 25th. This version may not be in its final form and may be updated. This transcript was prepared by a transcription service. ![]()
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