Mail Theft!

“According to the U.S. Postal Service Office of Inspector General, mail theft complaints more than doubled from March 2020 to February 2021. The criminals rob mailboxes and mail carriers of the master keys to the blue mailbox drops to gain access to the mail. The criminals then sift through to locate checks that can be altered, counterfeited, or sold online.”

Mail theft is a serious and continuous crime that happens all over the world. However, I bet you didn’t know that credit unions have recourse against the depositary institutions that accept altered checks under UCC 4-208, Presentment Warranties. Credit unions can recover the loss by pursuing a breach of presentment warranty claim against the depositary institutions that accepted the altered checks.

How to mitigate the risk of your mail being stolen:

· Pay bills online or our DECU Bill Pay option

· Mail checks inside the post office lobby rather than using the blue mailboxes.

· Log into your DECU account frequently to review transaction history or sign up for eAlerts.

· Report unfamiliar and unauthorized transactions immediately to the credit union.

For more resources you can visit:

• Check Collection & Return Guidelines
• Liability for Forged Endorsements and Alterations Under the UCC
• Employee’s Guide to New Account Fraud Red Flags

All information provided by CUNA Mutual Group Risk Alert