Summary
In a world that's rapidly advancing towards digitalization, the persistence of traditional check payments remains a cause for concern (and pain!). Recent statistics paint a stark picture of the risks associated with mailing checks, urging us all to consider safer and more secure alternatives.
According to the 2023 AFP Payments Fraud and Control Survey, a whopping 63% of organizations reported facing fraud activity through checks. Check fraud is not merely an inconvenience; it's a significant threat to your financial security and personal information.
Below we’ve outlined some check fraud statistical highlights to encourage you to consider making online payments instead of paying by mailing a check However, if you still desire to mail checks, we’ve also outlined the EIGHT steps you should employ when mailing a check payment.
Check Fraud Statistics
- Checks are the most vulnerable to fraud, with 63% of respondents reporting their organizations faced fraud activity via checks. (Source: 2023 AFP Payments Fraud and Control Survey)
- Check fraud tied to mail theft is soaring nationwide (Source: U.S. Treasury, Financial Crimes Enforcement Network)
- Mail theft is on the rise (Source: Los Angeles Times, 2023)
- The FBI estimates that losses from check fraud total $18.7 billion annually. (Source: Relyco, 2022)
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More than 500 million checks, more than a million a day, are forged annually in the U.S. Because of demands on law enforcement, prosecutors fail to pursue 75% of bank check fraud cases, leaving most matters to be settled between the involved parties, and placing even greater emphasis on the concept of due diligence. (Source: Relyco, 2022)
How to Safely Mail a Check
- Restrict the paper check
- Use a security envelope
- Drop the mail at a secure location
- Send the check via certified mail
- Avoid sending cash or money order
- Don’t include extra details
- Track your checks
- Consider alternative payment methods, such as paying online. It is more reliable, safe, and immediate.
(Source: Identity IQ, 2021)