MRV Banks has joined the American Bankers Association and banks nationwide to promote an industry-wide campaign educating consumers about the rapid rise in check fraud and how to protect themselves.
According to a 2023 report from the Boston Fed, reports of check fraud have nearly doubled since 2021, and those numbers continue to climb. The #PracticeSafeChecks campaign empowers consumers with tips and tools to help combat the significant threat posed by check fraud and check-washing scams.
"At MRV Banks, we take check fraud very seriously,” said Doug Watson, MRV Bank’s CEO and president. “It’s an evolving threat, and we’re committed to providing our customers with the education, tools, and resources to protect their finances. Our team is always on the lookout for suspicious activity, ensuring that we stay ahead of these schemes while offering secure banking solutions for peace of mind."
Paul Benda, executive vice president of risk, fraud and cybersecurity at ABA, said, “Criminal gangs across the country are turning to check fraud and check washing to steal money from banks and their customers. With the strong support of participating banks like MRV Banks, we are confident that the #PracticeSafeChecks campaign will help consumers better protect themselves from this criminal activity.”
The #PracticeSafeChecks website — www.practicesafechecks.com — is the heart of the campaign and reminds consumers that every time they write a check, they are exposing their personal information, such as name, address and bank account number and encourages them to use digital banking options to send money whenever possible. Also available in Spanish at www.cuidatuscheques.com, the website offers the following airline-themed safety tips:
– Use Permanent Gel Pens. Just like wearing a seatbelt when you fly, use permanent ink when you write a check to protect yourself.
– Avoid Blank Spaces. Fill those overhead compartments before takeoff! Similarly, make sure you fill out every blank space on a check so criminals can't fill them in instead.
– Withhold Personal Information. The person in the middle seat doesn't need to know your whole life story, just like you don't need to add personal info to your checks.
– Review Accounts. Monitor your account activity on your online banking platform as attentively as you await a safe arrival message from a loved one. Regular reviews ensure you quickly notice anything out of the ordinary.
– Check Your Checks. Regularly review your paid checks on your online platform as thoroughly as airport staff check your boarding pass. Ensure endorsement is correct and reflects the intended payee and amount to guard against fraud.
– Use Digital Payment Options. If you’re switching to digital boarding passes, why not switch to your bank’s payment app or online bill pay for fast and secure payments?
– Follow-Up. Just as you confirm your flight details, make sure to follow up with payees to confirm they've received and deposited your check.
In addition, the #PracitceSafeChecks website covers where personal information gets exposed in checks, explains how criminals and scammers execute check fraud and offers an airline-themed, comprehensive #PracticeSafeChecks guide.
To learn more about check fraud and check washing, visit www.practicesafechecks.com.
About MRV Banks
MRV Banks is a community-focused financial institution dedicated to providing exceptional banking services while supporting the well-being and growth of the communities it serves. With a commitment to excellence and community welfare, MRV Banks strives to make a positive impact through various initiatives and partnerships.
