Staying Vigilant Against Check Fraud Scams

madeline.cavanaugh on December 6, 2024

In light of the recent surge in financial scams targeting businesses, we wanted to bring your attention to a particular risk: Check Fraud. Check fraud, including check washing and counterfeit checks, is on the rise. To keep your business safe, we highly recommend staying vigilant and taking proactive steps to safeguard your financial transactions.

Check Washing scams involve altering and cashing checks that are stolen from mailboxes. Criminals take advantage of unsecured mailboxes and exploit vulnerabilities in the postal system to gain access to checks, which they can then manipulate for their own benefit.

Staying Vigilant
To protect your business from check fraud scams, we recommend the following proactive measures:

  1. Positive Pay with Payee Match: Implement this powerful tool to verify and match checks against your issued checks, ensuring that only authorized payments are processed. We believe this is an extremely powerful tool to prevent both internal and external fraud.
  2. Consider ACH Payments: When possible, consider using ACH payments as a more secure alternative to writing checks. ACH payments offer enhanced security and traceability.
  3. Secure Mailing: Be cautious when sending checks. It’s essential to mail them from inside secure postal facilities rather than using mail drop boxes. We recently heard about an incident where a mailman had his master key stolen, leading to widespread theft of business mail. Using secure facilities reduces this risk.
  4. Verify Account Activity: Access your online account information at least twice daily to verify activity. Fraudulent transactions are time-critical, so the sooner you catch any issues, the better.

By implementing these precautions, you can significantly reduce the risk of falling victim to check fraud and enhance the security of your financial transactions.

If you have any questions or require further assistance regarding these security measures, please do not hesitate to contact your Susser Banker or a Treasury Management Support team member at (817) 987-2150. We are here to support you in protecting your business from financial crimes.

Protect Yourself from Scammers

Matt Machado on September 29, 2023

Protect yourself from scammers. Stay alert and vigilant.

Unfortunately, scammers are taking full advantage of the Coronavirus (COVID-19) crisis. It is possible that you may receive “phishing attempts” to access your accounts. Please be aware that Susser Bank will never request your username, password, or other electronic banking credentials by phone, through email or text message.

Please email [email protected] or call (800) 395-3900 if you receive a suspicious call, text or email, to report the incident.

Please read and follow these tips, provided by the Federal Trade Commission (FTC), to avoid being victimized by scammers: 

  • Hang up on robocalls. Don’t press any numbers. Scammers are using illegal robocalls to pitch everything from scam Coronavirus treatments to work-at-home schemes. The recording might say that pressing a number will let you speak to a live operator or remove you from their call list, but it might lead to more robocalls, instead.
  • Ignore online offers for vaccinations and home test kits. Scammers are trying to get you to buy products that aren’t proven to treat or prevent the Coronavirus disease 2019 (COVID-19) — online or in stores. At this time, there also are no FDA-authorized home test kits for the Coronavirus. Visit the FDA to learn more.
  • Fact-check information. Scammers, and sometimes well-meaning people, share information that hasn’t been verified. Before you pass on any messages, contact trusted sources. Visit What the U.S. Government is Doing for links to federal, state and local government agencies.
  • Know who you’re buying from. Online sellers may claim to have in-demand products, like cleaning, household, and health and medical supplies when, in fact, they don’t.
  • Don’t respond to texts and emails about checks from the government. The details are still being worked out. Anyone who tells you they can get you the money now is a scammer.
  • Don’t click on links from sources you don’t know. They could download viruses onto your computer or device.
  • Watch for emails claiming to be from the Centers for Disease Control and Prevention (CDC) or experts saying they have information about the virus. For the most up-to-date information about the Coronavirus, visit the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO).
  • Do your homework when it comes to donations, whether through charities or crowdfunding sites. Don’t let anyone rush you into making a donation. If someone wants donations in cash, by gift card, or by wiring money, don’t do it.

For more information, visit www.consumer.ftc.gov.

Avoid PPP Loan Fraud Schemes

Matt Machado on September 29, 2023

Unfortunately, scammers have been quick to develop fraud schemes and take advantage of small businesses applying for financial support through the Small Business Administration (SBA) Paycheck Protection Program (PPP).

Common fraud schemes have been focused on collecting fake fees, contact and banking information, from small business owners. It is possible that you may receive email phishing scams attempting to access this information.

Please be aware that we are not contracted with any third-party vendors and will not use a third-party to ask for loan or personal information unless we explicitly send a communication saying so. Additionally, we will never request your username, password, or other electronic banking credentials by phone, email, or text message.

Please contact Client Care at (817) 987-2400 or by email at [email protected] if you receive a suspicious call, text, or email, to report the incident.

To help avoid PPP Loan fraud schemes, please follow these tips, provided by the Federal Trade Commission (FTC):

  • If you get an email that looks like it is from the SBA or your bank, do not click on any links. Instead, go directly to the organization’s website for information.
  • The government will not ask you to pay upfront, and it will not call to ask for your Social Security, bank account, or credit card number.
  • Be cautious about companies that offer to expedite or facilitate your ability to get PPP loans. Be wary of companies you have never heard of or that call or send you emails out of the blue.

Should you have any questions, please contact your Banking Officer or Client Care at (817) 987-2400 or by email at [email protected].