This post is more like a public service announcement, really. The fact of the matter is that banks and credit unions have seen a substantial increase in the number of checks being stolen out of mail boxes. My particular credit union has had four incidents within the last week alone. Frankly, I’m astounded the idiots keep trying as we have them on camera, their id’s, and their license plate number. We called the cops today, but the guy left before the police arrived because he finally caught on that we knew what he was doing.

I’m getting a little ahead of myself here, though. Let me back up a second.

Stealing Checks

Here’s why I ask if you have a P.O. Box. Thieves are actively going through unlocked mail boxes and stealing checks that are being written to other companies. One of two things are currently happening.

1.) They’re “washing” these checks and filling in different amounts and other information (I’ll explain this in more detail in just a minute).

2.) They’re printing their own checks at home using the information from the stolen check.

If you have a mailbox that is unlocked, especially one of the old ones that sits out on the curb, I highly recommend investing in a P.O. Box. These thieves will not think twice about driving up and stealing your mail. Now, the trend has been the checks are being stolen from the outgoing mail to companies you might pay bills to with checks. But, there is concern that any incoming checks could be taken and “washed” so that it would then reflect their name instead of yours.

Check “Washing”

This has been going on for many years, and it costs the U.S. roughly $815 million per year – that means these thieves are getting away with this much every year, but the sad part is that it’s increasing at an alarming rate.

Basically, the process works like so. The thief steals your mail and riffles through looking for checks being mailed out. They take the check and “wash” it to remove the ink so they can change names and amounts. To do this, they use chemicals that are often found in your home or can be easily purchased from the shelves of retail stores.

Some of the most common chemicals for this include:

• Acetone
• Benzene
• Bleach
• High performance erasers

What they’ll do is “wash” away the ink in the amount section and the ‘pay to the order of’ section, then fill it in with what they want. Usually they have fake id’s and names, and they’ll change the amount to something reasonable like $600-1000 to try it out. If that works, they may try again with another check for a higher amount, though they’re likely to go to a different location. The reason this works so well is because they leave the signature areas completely in tact, so banks and credit unions don’t really suspect anything.

The idiots involved with this at my credit union came into my branch twice, both times with stolen checks from two different members. They all lived in the same neighborhood, which was what tipped me off initially. But, it was weird because my coworker recognized the kid; however, on two of them he used a different name and id. So, why he thought he could get away with it 4 times – twice under one name and twice under another – going to the same branch and the same teller is simply beyond me. Clearly this kid had no clue what he was doing. He probably saw a CSI episode and thought he’d give it a try.

Homemade Checks

It is possible to print your own checks at home. As a matter of fact, if you were so inclined and had the right equipment, you can go into any office supply store and buy a stock of blank checks and MICR ink and go home and print up all the checks you want. All the thieves would need is one of your checks with the account information so handily printed at the bottom and they could make up a batch of checks and clear you out. This is a little less common than washing because they would need to forge your signature and sometimes that doesn’t always come out the way they’d like. It’s easier to change the name and amount of the check and leave the signature the same.

These types of scammers will usually work in pairs because they’ll alternate who actually goes in to cash the checks and who drives. Some of them, unfortunately, get good enough at this that they work alone. Either way, it’s important to protect yourself from these criminals and the best way to do that is to keep your mail in a secured place.

Because this problem is so prevalent in the U.S., the police and federal government have specific task forces set up, so if you discover this has happened to you, try and get with your bank or credit union for video footage so you can report it to the police. The more this stuff is reported, the more the police have to go on. Your information may be just what they need to catch the scumbag(s).

If you haven’t seen the movie “Catch Me If You Can” with Tom Hanks and Leonardo DiCaprio, I recommend it. It’s a great film and shows you a little of what I’m talking about with “washing” checks. Frank Abagnale Jr., for whom this film is based on, scammed almost $3 million in the 60s. He spent some time in prison when the FBI finally caught him and then they decided to hire him to help in their fraud division. He is responsible for most of the current security measures in place for checks and lives the life of a happy American citizen.

So, have you ever experienced this? Do you have a locked mailbox, and if not, are you considering it?

Related posts:

1. Identity Theft Part I: Tricks of the Trade
2. RevolutionCard: The Death of the Signature?
3. How to Protect Yourself From Credit Card Skimming
4. Banking 101: The Five Points of Negotiability
5. Treated Like a Criminal at Checkout? Don’t Put Up With It