A reminder from the Chair of the Illinois State Bar Association’s Senior Lawyers Section, Don Mateer, in the February 2022 newsletter, is important for us all. Check fraud, including the instances of electronic checks submitted to our bank and financial institutions, is on the rise. Since it has become commonplace for most of us to be using electronic transactions for payment for goods and services, financial institutions will often clear e-checks even if they do not have a signature.
What to do? The first line of defense, Attorney Mateer suggests, is to be vigilant. Review your bank account activity often, and question even small amounts that do not appear to have come from transactions that you initiated or approved. Mateer warns that a missed small amount transaction may tip off a fraudster that you are not checking your account and if they see that is the case, then “the next check could be a lot larger.” Another useful suggestion, he advises, in addition to checking your credit report and putting a freeze there, is considering reaching out to ChexSystems (www.chexsystems.com) as tool to prevent someone from opening a bogus account in your name.
While these suggestions are certainly useful for our senior clients (or their children helping to keep an eye on parents’ accounts and finances), they are good considerations for us all.
Our blog posts are designed to help you follow up on items that can save you time, save you money and protect many aspects of your life and your business.
If you hear of other hints and helpful strategies that our clients and colleagues may benefit from, please send a note or a link to: mshermanlawoffice@icloud.com
