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New Twists on Old Check Fraud Put Members at Risk

With effective new schemes, cybercriminals have found ways to make check fraud more profitable than ever.

By Al Pascual | June 26, 2023 at 12:17 PM
Check fraud remains a big problem for CUs. Check fraud remains a big problem for CUs. (Source: Shutterstock)

It may seem counterintuitive in the digital age, but good-old paper checks have regained popularity with fraudsters. Naturally, there’s a new twist on this time-tested form of fraud, as criminals always find ways to make modern methods work to their advantage.

Though check-writing has been on the decline overall, there are still a significant number of Americans who find value in check-writing. The Federal Reserve Payments Study showed the number of check payments in 2021 as 11.2 billion, and, the average value of check payments had increased to $2,430. With effective new schemes, cybercriminals have found ways to make check fraud more profitable than ever – meaning preventative efforts are worth even more to credit unions and their members.

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