December 19, 2022 – A banking group says Illinoisans should keep their guard up during this holiday season to protect themselves from cases of fraud.
The Illinois Bankers Association reports incidents of fraud are on the increase. One of the most common forms of identity theft is check fraud. Reports of check fraud in Illinois have increased by nearly 70% this year and have jumped over 300% since 2014.
Common ways check fraud can occur include stealing a blank check from a checkbook, a disposed of canceled check, or a check placed in a mailbox.
IBA president and CEO Randy Hultgren said it is a good idea to set up alerts from your bank.
“It’s one of these wonderful tools that you can get notified when money has been pulled out or a check has been presented or different transactions have happened with your bank,” said Hultgren.
The IBA said other ways to prevent check fraud include making sure to properly dispose of checks, fill out checks property without using abbreviations, and if using digital checks, use a bold font that is more difficult for someone to replicate.
The IBA said other types of fraud also prevalent during the holidays include online shopping scams involving peer-to-peer payments, or P2P payments. P2P transactions are electronic money transfers made directly to another person, using money transfer applications such as PayPal, Zelle and Venmo.
They advise consumers to confirm all details such as name, email and phone number before sending money, and never send money to a stranger or let a stranger access your phone.
“Fraudsters are using increasingly elaborate schemes, and these thefts can be detrimental to consumers,” said Hultgren. “We encourage Illinoisans to remain educated and vigilant about these deceptive tactics.”
