What Is Check Fraud And How Can You Protect Yourself? by Jessica Hodges
Uni-ball 207 is teaming up with Frank W.Abagnale, one of the most respected experts on identity theft and the person whose life is chronicled in the blockbuster movie “Catch Me If You Can,” to help individuals protect themselves from a common form of check fraud.
Check washing is a process where checks are stolen from the mail or by other means and the ink is erased using common household products. The thieves will then rewrite the check payable to themselves, in the amount of their choosing.
Many uni-bal gel pens use ink that contain color pigments, which are absorbed in to a checks paper fibers. When an individual tries to “wash” the information written on the check, the ink is in effect trapped.
Abagnale says prevention is the most effective strategy in counteracting check washing. He advocates using certain uni-ball gel pens to protect against this escalating check washing threat, singling out the Uni-ball 207 as his favorite in deterring the act.
- The Nilson Report estimates check fraud to be about $20 billion annually.
- The Federal Trade Commission reported nearly 9.9 million Americans have been victims of identity theft, consting consumers $5 billion and banks and business $48 billion each year.
- The National Check Fraud Center estimates check washing, a specific type of check fraud, costs Americans $815 million each year.
- On average, it costs a victim $1,173 and 174 man-hours to get their credit report straightened out.