A new article featuring statistics from ICBA explores the risk of sending checks in the mail.
Details: The article in The New York Times (subscription required) says:
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Sending checks in the mail has become increasingly risky.
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Individuals who mail checks should scour their account statements promptly.
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Two-thirds of adults say they rarely or never use paper checks, but more than a fifth either have experienced check fraud or know someone who has.
Urgency: In the article, ICBA Senior Vice President of Strategic Initiatives and Policy Scott Anchin says customers who suspect check fraud should notify their bank immediately. Anchin added that banks generally allow 30-90 days from the time customers’ statements are made available to them to report suspected check fraud.
Resources for Community Bankers:
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Anchin recently helped develop “Mitigating Check Fraud Risk in the Modern Financial Ecosystem,” a free report that provides actionable strategies to mitigate fraud risk.
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A blog post from ICBA details how community banks are making progress in the fight against check fraud through sustained advocacy, strong partnerships, and policy successes.
Advocacy: ICBA’s fight against check fraud includes:
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Partnering with the U.S. Postal Inspection Service and working with the U.S. Postal Service.
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Creating practical fraud prevention resources for community bankers, including a guide for how to escalate concerns to regulators.
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Starting a Fraud and Scams Task Force that has matured into a venue for peer intelligence and best-practice sharing.
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Hosting a fraud discussion group on ICBA Community for more than 1,500 community bankers.