You are probably wondering, what can someone do with a stolen cheque? It is illegal to cash a stolen check. As a result, if you happen to receive a stolen check, you should never cash it. It is illegal to cash a stolen check, so only cash checks that belong to you.
What can someone do with a stolen cheque?
In the case where your check is stolen in any way, you must act quickly to avoid being held liable for any funds taken from your account without your permission. When someone steals your checks, they can intercept cash mail addressed to mortgage companies or the IRS.
Quick tips on what to do when your cheque is stolen:
- Contact your bank right once to get your account frozen. Until you locate your misplaced check or debit card, the freeze will stay in place.
- Gather all of your required transactions. Then, you can choose your trades more quickly once you have collected your stuff.
- To close your current account, apply.
- Then, to identify the theft protection, file a police report.
- Dealing with automatic debit card transactions, deposit slips, and bank statements will be beneficial.
This is a simple way for them to make a lot of money while putting in minimal effort. So keep reading to the end of this article. Overall, we will also be exploring the concept of bank fraud and how it connects to cheque theft.
These Are The Main Points In This Article
What should you do if you have a lost or stolen check?
If your cheque gets stolen, all hope is not lost. You can take advantage of the measures below to safeguard your account against fraudsters.
1. Report the Lost or Stolen Check
To report a misplaced cheque and obtain a stop payment, phone your bank or go to your local branch. You might be able to accomplish this online with some financial institutions.
Preventing a check might cost anywhere from $15 to $35, depending on the bank. Customers with premium accounts may be exempt from the fee, and some banks do not charge fees if the misplaced checks are blank.
Using a stop payment order, your bank flags the incorrect check number and refuses to let the check clear as long as it hasn’t been processed.
When a check is deposited or presented for cashing, a stop payment is a formal request that the bank not pay out the cheque. Personal checks often include a six-month stop payment period.
Call your bank or go to a branch to request a stop payment. You may also do it online with some banking institutions. To put a stop payment on a check, you’ll need the check number, the precise amount, and the person’s name to whom the cheque was written. The cheque may still be cashed if you provide any of that information inaccurately.
You must be willing to incur the expenses to stop the cheque, and you may have to pay it again if the missing check is not located before the end of the six-month hold period.
Ensure to weigh the value of the check against the requirement for a stop payment. If the check amount is smaller than the cost of putting a stop to it, it’s obvious it isn’t worth it.
2. Monitoring Your Accounts
The bank may still execute the check if the stop payment order was not received in time or if the information you supplied was erroneous. So, if you haven’t done so before, you might want to start monitoring your checking account online. If you suspect a check was cashed in error by the bank and wish to contest it, acting early can help you avoid liability.
Customers can report fraudulent check cashing at several banks without a time limit. However, because stolen paper checks aren’t subject to the same federal regulations as stolen debit and credit cards, procedures differ from bank to bank.
3. Other preventive
Preventing your cheques from getting lost or stolen in the first instance can save you a lot of time and money.
Secondly, if you don’t have to, try to avoid writing checks. Many banks and credit unions now offer online banking, and many transactions can now be conducted entirely online, eliminating the need to write cheques.
If you must write cheques, treat your checkbook as if it were cash. Could you keep it in a secure location at home? Depending on the amount of the cheque, you may wish to send it certified mail.
You must also file a police complaint if you suspect criminal conduct. If you feel the check was taken from the mail, you should also contact the Office of the Inspector General of the United States Postal Service.
If your entire checkbook has been stolen, or you suspect fraud, you should consider placing a freeze or hold on your account or canceling it and starting a new one.
Because each bank has its policies, it’s a good idea to speak with a financial institution to discuss your alternatives.
What is Check Fraud?
Cheque scams are one of the most serious problems facing today’s businesses and banking firms.
With the growth of computer technology, it is becoming easier for criminals to alter checks to deceive innocent victims expecting the value of obtaining money, whether alone or as part of a gang.
Counterfeiting using desktop publishing and copying to make or replicate a genuine financial document and chemical manipulation, which consists of deleting some or all of the information and modifying it to the criminal’s profit, accounts for a substantial portion of check fraud.
What to do if you lost a check before cashing it
Perhaps, you might have received a payment from your work, the government, or an insurance company but misplaced it before you could cash it.
The very first step is to make sure you haven’t misplaced the check. This will entail a comprehensive cheque of your home, car, and any other location where you might’ve had it.
Check with friends, family, and other guests to see if they recall what you did with it. Then, prepare to pull up the couch cushions, search beneath furniture, and do anything else you can to ensure it’s gone.
If you’re certain the check is missing, contact the issuer. After that, make arrangements for a new cheque to be picked up or re-issued.
What happens if someone deposits a bad check into my account?
You’re in charge of the checks you deposit. If you spend money from a fake check deposited into your account, you will be held liable for the whole amount when the cheque is reversed
When you’re not sure if a check is valid, don’t deposit it. Whereas a bank may accept the cheque at first, there is no assurance that the funds are valid. A cheque can take days, if not weeks, to be returned as counterfeit. Use such monies only if you are certain the cheque is genuine.
What to do if your check got lost in the mail
First-class checks normally arrive within five working days. Public holidays are not considered working days. If a cheque you expected in the mail hasn’t arrived after this time, contact the issuer to let them know.
They should contact their bank to place a hold on the cheque to prevent it from being cashed by someone else. To put a stop to a check, there is normally a $20-30 fee required.
So it’s not worth canceling if the check is for less than this amount. Keep in mind that this is a per-check cost. The stop placed on the cheque by the bank is likewise merely temporary.
When you’re sending a check, acquire a tracking receipt from the location where you mailed it. Money Services will assist you if you’d prefer to send or post a cheque.
Send money to someone else in the United States or worldwide. Western Union powers the service, which allows you to send money in minutes. Alternatively, you can utilize our walk-in bill payment options to submit your cash electronically to make a payment.
Safety tips for your mailbox to follow
Asides begin more self-conscious about your belongings; there are a few measures you can take.
1. Lock your mailbox:
If your postal carrier is willing, you can buy a padlock for your mailbox. First, place it unlocked inside your mailbox. Then, when the courier delivers your mail, they lock the box.
This works well with rural-delivery style boxes with a hole to accommodate a lock, or you can drill holes in a wall-mounted box. The method is not foolproof, however.
Persistent thieves have been known to use hacksaws to remove locks; some smash open mailboxes with baseball bats or even steal the mailbox, lock and all.
2. A mail slot can be used to replace a wall-mounted mailbox:
Ask your local Post Office if you can substitute your mailbox with a mail hole on your front or garage door if you have door-to-door service. The postmaster must approve any modifications in delivery.
If you’re going to add a mail slot, make it big enough to hold catalogs and checkboxes. In rural delivery regions or newer neighborhoods with cluster boxes, however, mail slots are not permitted.
3. Pick up mail as soon as possible:
Mail robbers frequently monitor postal workers on their rounds and strike within 15 minutes of delivery. If you’re home throughout the day, take your mail as soon as it arrives. When you’re not at home, have your mail delivered by a trusted neighbor.
How to cash a stolen check?
With the bank details and stolen checks, you can cash a stolen check online. The name of the bank account holder is not required, but it should be included. Now you may use an electronic check to buy anything online with the check information. Some businesses accept digital checks.
How can a check duplication scam like this work?
For verifying cheque validity, the person is contacted and requested to pay $14. The scam appears to revolve around getting a check, calling the bank account information and routing number, creating a phony statement, and afterward, cashing it.
It’s absurd because exposing the check for possible fraud was so straightforward. Furthermore, withdrawing thousands of dollars with duplicated statements does not appear to be the same as genuine cheques.