Rising Fraud Concerns: Money Mule Scams & Check Fraud

Rising Fraud Concerns

Two fraud tactics on the rise - money mule scams and check fraud - pose significant risks. Here’s how to recognize them and protect yourself:

Money Mule Scams

Criminals recruit people to transfer laundered money through their bank accounts, often through online job ads, fake investments, or dating sites. Victims may be unaware or complicit.

How to Avoid Being a Victim:

• Never use your bank account to transfer money for others.
• Don’t accept or deposit checks not made out to you.
• Be cautious with online love interests and investment opportunities.
• Never purchase gift cards on behalf of, or for, someone you met online or over the phone.
• Protect your bank account info and always monitor for suspicious activity.

Check Fraud

Criminals alter or counterfeit checks to make unauthorized withdrawals. Small businesses are prime targets due to higher transaction volumes.

How to Protect Your Business:

• Limit access to business checks and sensitive info.
• Use fraud prevention programs (FPPs) and positive pay with your bank (additional tools coming soon at PBOS).
• Verify that all checks are received by the intended recipient.
• Securely mail checks and pick up your mail promptly.

Stay vigilant and proactive to protect yourself and your business from these rising threats.

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