What’s in a name? Your check book, credit card and social security card all hold critical information, that in the wrong hands gives thieves the tools they need to assume your identity. In fact, some of the fastest growing financial crimes in America today are check fraud and identity theft, with check fraud growing at 25 percent each year (according to the American Bankers Association), and the Federal Trade Commission reporting the cost of identity theft to banks and businesses at $56 billion annually.
Despite living in a digital world, “traditional” methods of identity theft are more popular than ever, from dumpster diving to check washing. In fact, check fraud – the paper check’s evil twin – is the most dominant method of fraudulent payment, producing the greatest losses. Check fraud is also the least prosecuted financial crime, and every checking account holder, company, and organization is at risk of becoming a victim.
Consider this: a visit to your doctor’s office, a meeting with the mortgage company, and mailing utility bills can put you at risk. When you visit your doctor and fill out new patient forms, the receptionist copies your insurance card, which includes your Social Security number. You remit your co-pay with a check drawn on your bank account. You have just provided enough information for someone to become you.
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