The old scam from the 80s is back again: scammers steal checks and steal thousands of dollars from accounts

To keep your money safe, you probably have a strong password on your mobile banking app. You may even have opted out of paper statements for your bank accounts, so you don't receive mail with account information. Unfortunately, if you're still using paper checks to pay bills or send money to others, you may be falling victim to an old scam that's recently come back into vogue: check washing, reports Fool.

Photo: IStock

Check erasure is when thieves steal checks you have written and use a chemical solution to remove ink from the amount and the recipient's name (while leaving your signature).

According to IAG Forensics & Valuation, acetone is the most common chemical (you might know it better as a nail polish remover). The thieves can then enter their own names as the payee, write any amount of money they want, and cash your check, potentially emptying your checking account in the process.

The deletion of checks for more than $815 million in stolen money annually began in the 1980s, according to the IAG.

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As more and more people rely on digital payments, this old-fashioned scam has made a comeback for those still using paper checks.

How can you protect yourself?

Now that you know how this check scam works, you are ready to protect your money. Here's how to secure check payments.

Use the right pen and checks

The Better Business Bureau reported that black gel ink is the most resistant to washout on receipts. It is also important to choose checks with built-in security features (such as watermarks and security inks). These features are worth paying a little extra for.

Don't send checks from home

Leave checks in the mailbox at your local post office. You can also drop your mail into the blue external mailbox, but this is not entirely safe, so try to leave your mail as close to the time as possible.

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Keep track of your bank account

If you send checks to pay bills, keep an eye on your account to make sure the checks arrived and were cashed in the correct amounts. If you are sending a check to a friend or family member, contact them to confirm receipt. If something went wrong (payments are not coming from your account or a different amount has arrived), report the problem to your bank as soon as possible.

Consider online payments

Finally, if you're still writing paper checks, consider switching to online bill pay. You may need to set up an online account for your utility company, credit card issuer, etc., but you'll get peace of mind knowing your money is safely delivered to its intended recipient. You can also pay bills through your bank—simply fill out the payment details and schedule it, and the bank will securely send a physical check on your behalf.

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The growing reliance on digital payments makes life difficult for enterprising thieves. Be careful when paying with physical checks to avoid being scammed.

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