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WSJ Your Money Briefing

Why Paper Checks Are a Gold Mine for Scammers

WSJ Your Money Briefing

The Wall Street Journal

Business News, News

4.11.7K Ratings

🗓️ 20 November 2024

⏱️ 9 minutes

🧾️ Download transcript

Summary

Check fraud rose nearly 400% in the U.S. last year, according to a Financial Crimes Enforcement Network report. And scammers are now using social media to promote a low-tech check scheme and post tips for other fraudsters. Wall Street Journal reporters Oyin Adedoyin and Justin Baer join host J.R. Whalen to discuss how it works and what you can do to protect your money.  Sign up for the WSJ's free Markets A.M. newsletter.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:15.6

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0:19.9

Derivatives are not suitable for all investors and involve the risk of losing more than

0:23.2

the amount originally deposited in any profit you might have made.

0:25.9

This is not a recommendation or offer to buy, sell, or retain any specific investment or

0:29.6

service.

0:32.9

Here's your money briefing for Wednesday, November 20th.

0:36.3

I'm J.R. Whalen for the Wall Street Journal.

0:40.8

Check fraud went up nearly 400% in the U.S. last year, and criminals are upping their game

0:46.9

when targeting Americans who still write out paper checks and drop them in the mailbox.

0:52.0

Stealing them has been a challenge that consumers and banks have had.

0:56.3

And then what you have had is the emergence of social media

0:59.6

and the ability to communicate and compare notes

1:02.7

and teach one another different tricks of the trade

1:06.4

in order to get this going again.

1:08.3

We'll talk to WSJ's Justin Bear and OyanN-Addoin about how fraudsters are cashing in.

1:14.2

After the break.

1:41.2

Exchanges. The Golden exchanges the Goldman Sachs podcast featuring exchanges on rates inflation and u.s recession risk exchanges on the market impact of AI for the sharpest analysis on forces driving the markets and the economy,

1:46.3

count on exchanges between the leading minds at Goldman Sachs. New episodes every week. Listen now.

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