01/22/2025 | Press release | Distributed by Public on 01/22/2025 07:34
WASHINGTON - The United States Postal Inspection Service and the American Bankers Association Foundation (ABA Foundation) released two new infographics on money mule scams and check fraud as part of their shared ongoing initiatives to protect consumers from scams. The first infographic teaches consumers how to detect and avoid falling victim to a money mule scam. The second infographic teaches small business owners how to protect themselves from check fraud.
"The mission of the U.S. Postal Inspection Service is to safeguard our community from criminals who look to exploit them. That's why the partnership between the Postal Inspection Service and the ABA Foundation is critical to ensuring consumers and businesses are aware of these scams - so they can prevent the losses that follow these attacks," said Gary Barksdale, Chief Postal Inspector, U.S. Postal Inspection Service.
"These two types of fraud have been on the rise in recent years. Raising awareness of what people should be looking for is more important now than ever," said Lindsay Torrico, executive director, ABA Foundation. "We're grateful for the partnership of the U.S. Postal Inspection Service and hope that our important work together will help consumers and businesses keep their bank accounts safe."
In a typical money mule scam, criminals use another person's bank account to transfer and launder illegally acquired money. The person whose bank account is used may be a victim, unaware of the crime entirely, or they may be complicit in the fraud. Criminals often recruit through online job ads, social media, enticing-though fake-investment opportunities, prize offers, or dating websites.
To avoid becoming a victim of a money mule scam, the U.S. Postal Inspection Service and the ABA Foundation recommend that consumers:
To commit check fraud, criminals may steal and alter an existing check, or they may produce counterfeit checks to allow for unauthorized withdrawals. Bad actors often target business accounts over personal accounts because of large transaction volumes, more funds, and higher liquidity, making it easier to cash higher dollar counterfeit or altered checks - and more difficult to detect fraudulent transactions and overdraft issues.
The U.S. Postal Inspection Service and ABA Foundation and recommend that small businesses take the following steps to protect against check fraud:
The infographics are part of an ongoing collaboration between the U.S. Postal Inspection Service and the ABA Foundation announced in 2024. Together, our goal is to educate U.S. Postal Service and bank customers about check fraud and what they can do to protect themselves; address money mules and collusive account holders; collaborate with other law enforcement agencies; and train bank employees and Postal Service employees on red flags and prevention. To view the infographic series, please visit https://www.aba.com/news-research/analysis-guides/money-mules-protect-yourselfor uspis.gov/news/scam-article/check-fraud.
About the U.S. Postal Inspection Service
The U.S. Postal Inspection Service is one of the oldest federal law enforcement agencies in the country. For more than 200 years, U.S. Postal Inspectors have protected the U.S. Postal Service, secured the nation's mail system, and ensured public trust in the mail.
About the American Bankers Association
The American Bankers Association is the voice of the nation's $23.9 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.
About the ABA Foundation
Through its leadership, partnerships, and national programs, ABA's Community Engagement Foundation (dba ABA Foundation), a 501(c)3, helps bankers provide financial education to individuals at every age, elevate issues around affordable housing and community development, and achieve corporate social responsibility objectives to improve the well-being of their customers and their communities.