High-tech criminals know they can make billions exploiting vulnerabilities inherent in a low-tech payment method.
The big story of check fraud is not only its vast cost to the country and to individual victims, but simply the remarkable rate at which it is increasing. On this episode of the ABA Fraudcast, ABA’s Paul Benda discusses with Caitlin Piasecki of the United States Postal Inspection Service the enormous scale and challenge of addressing mail theft, a common venue for criminals to access paper checks.
Piasecki describes how the internet serves as a perfect sharing and recruiting platform for criminals aiming to get their hands on as many paper checks as possible. Encrypted platforms are where criminal organizations in New Jersey can easily connect with those operating in Los Angeles, she notes. “We have seen a huge influx in the complex nature these investigations have taken, where previously it was a local group in a local area,” she says.
