Hearing the phrase "the check's in the mail" used to be a good thing. Now it's cause for concern — all because of check washing, an old-school scam that has become big business.
Every year, the U.S. Postal Inspection Service (USPIS) intercepts an estimated $1 billion in fraudulent checks and money orders.
It's easy. Thieves nab checks out of the mail and use nail polish remover or rubbing alcohol to erase the payee's name and check amount, pen in a new name and amount — and laugh all the way to the bank.
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