In the 1980s, checks were the primary form of monetary exchange.1 However, the landscape has shifted with the emergence of rapid payment platforms like online banking, Venmo® and Zelle®, etc. causing checks to lose some of their prominence. Despite this decline, in 2022, 55% of Americans still relied on checks for their financial transactions.1 Checks continue to hold significance in the realm of financial transactions, and alongside this persistence, the threat of check fraud remains ever-present.
Check fraud may take various forms and may involve business or personal checks and even cashier checks and money orders or electronically delivered checks. It is important to understand what check fraud entails and learn how to spot the warning signs to protect yourself or your business effectively.
Check fraud encompasses a range of illegal activities involving the manipulation of checks, typically aimed at extracting money from victims. Examples include:
(Please note: these are not the only types of check fraud. These are the most common ones). Click the link below to learn more about other types of check fraud and how to report fraud.
Federal Trade Commission Consumer Advice
Check fraud is a persistent threat, but by taking proactive steps to protect yourself and your finances, you can significantly reduce the risk.
For additional resources such as preventing and reporting fraud please visit our Security and Fraud Prevention Center.
Please note: The content in this article comes from individual opinions and experiences. The content should not be taken as advice coming from City National Bank of Florida. City National Bank of Florida does not offer tax, legal or accounting advice.
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