With the holidays upon us and spending more frequent, it’s more important than ever to ensure you’re spending safely. Two of First Bank’s Treasury Management Trio dropped by Carmi Kiwanis Thursday to do some education on fraud, specifically check fraud. Morgan Hargis has been with First Bank for 14 years. McKenzie Ziliak, also a Treasury Management Specialist with the bank has been at the institution for about 3 ½ years.
Even though check usage is in a downward trend, the impact of check fraud is expected to continue and that’s mainly due to stats that suggest 70% of people have no plans to eliminate check writing through 2026 at least.
So although the number of checks being written does continue to decrease, incidences of fraud doesn’t. From March of 2020 through February 2021, the USPS received almost 300,000 reports of mail theft totaling around $15 billion worldwide of check fraud. Experts expect that number to exceed $24 billion this year. According to another report, altered checks account for 36% of all check fraud cases.
They were even able to show examples of how easy it can be for swindlers to wash a check. Among the ways to protect checks you write, experts recommend using pens with indelible black ink so it’s more difficult for a criminal to wash a check. Don’t leave blank spaces in the payee or amount lines. Never write personal details including your SSN, credit card info, drivers license number or phone number on your checks.
Learn more at https://www.myfirst.bank/business/fight-fraud.
Coming up next week at Kiwanis, the club will acknowledge a few associates in its Legion of Honor recognizing members who have been part of the organization for 25 years or more in ascending 5 year segments. Last year, 7 gentlemen (including two with 55 years each) were recognized for their combined 300 years worth of service to the club and community. Read more at https://www.wrul.com/local-news/carmi-kiwanis-welcomes-7-men-with-combined-300-years-of-service-into-clubs-legion-of-honor
