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TruStage RISK Alert: Fraudulent U.S. Treasury Check Scams

TruStage recently issued a Risk Alert on the rise in losses involving fraudulent deposits of U.S. Treasury checks. The fraud cases involve existing members as well as new members.

According to the alert, some of the checks appear to be counterfeits as they were returned through the Fed as altered/fictitious. Other Treasury checks are believed to have been stolen out of the mail. The fraudsters forged the payee’s endorsement on the stolen Treasury checks or altered (washed) the payee listed on the checks.

Here is a summary of the fraud cases, all of which involved the checks being returned through the Fed as altered or suspicious:

  • Fraudsters opened fraudulent accounts, including business accounts, under the names of the payees listed on the stolen Treasury checks. The fraudsters deposited the Treasury checks and subsequently withdrew the proceeds after the funds were made available.
  • Fraudsters altered/washed the payees listed on the Treasury checks and opened fraudulent accounts under the names of the new payees added to the checks. The fraudsters deposited the altered Treasury checks and withdrew the proceeds after the funds were made available.
  • Existing as well as new members deposited what are believed to be counterfeit Treasury checks and withdrew the proceeds when the funds were made available.

For more information and steps to mitigate your risk, read the full alert at: Trustage.com

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