Paper checks might eventually disappear altogether, but the Wall Street Journal reports that fraudsters are busy capitalizing on them in the meantime. Its exploration of the issue is illustrated in two stats:
The tactics are less than rocket science. It might involve stealing a check out of someone's mailbox, sometimes changing the amount and recipient's name with household chemicals and depositing it elsewhere. Or fraudsters buy universal keys that open drop boxes by post offices and steal checks from there. Or they buy books of blank checks from illicit online sites. And on and on. One common denominator: "The scams exploit banks' requirements to make customer money available before fully verifying checks," explains the story. The money is long gone by the time the banks realize something is amiss.
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