Financial Advisor Jayson Thornton, CFP — REACTS — Check cashing fraud encompasses various deceptive schemes involving the fraudulent use or manipulation of checks to steal money or property.
Types of check fraud schemes
Counterfeit Checks: These are fake checks designed to look authentic, created from scratch by fraudsters using specialized equipment.
Altered Checks: Legitimate checks are altered by fraudsters to change the payee, amount, or other details, often using chemicals to erase original information (check washing).
Check Kiting: This scheme exploits the delay in check clearance by depositing a bad check from one account into another, creating a false balance that can be exploited before the fraud is discovered.
Fake Check Scams: In these scams, fraudsters send victims a fake check (often for a prize, lottery winnings, or an online sale) and instruct them to deposit it and then wire some of the money back before the check clears.
Forgery: This involves unauthorized signing of checks or endorsing a check with someone else’s signature without permission.
Paper Hanging: Writing checks on closed accounts or ordering checks on closed accounts and using them fraudulently.
Check Washing: Chemicals are used to remove the ink from a legitimate check to change the details, such as the payee’s name and the amount.
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