The American Bankers Association and the U.S. Postal Inspection Service today announced a new joint initiative to combat the rapid rise in check fraud. The effort will focus on four areas: educating U.S. Postal Service and bank customers about check fraud and what they can do to protect themselves; addressing money mules and collusive accountholders; collaborating with law enforcement; and training bank employees and postal workers on red flags and prevention.
Check fraud has increased nationwide by 385% since the pandemic, according to the U.S. Treasury Department. To kick off the new partnership, ABA and the U.S. Postal Inspection Service released a downloadable infographic to educate consumers about check washing and what they can do to protect their mail and their checks.
“Working together to address the unprecedented rise in check fraud offers us a number of opportunities to make a difference, including educating the public on how to safely use the mail system to send checks while also taking advantage of the advancements in payments technology banks offer,” ABA President and CEO Rob Nichols said.
