Check Fraud Protection Benefits
EZShield Check Fraud Protection covers the following forms of check fraud:Forged signatures* - EZShield Check Fraud Protection applies to legitimate checks that are forged with the account holder's signature, as the payer, that results in a debit to your checking account.
Forged endorsements* - EZShield Check Fraud Protection applies to a legitimate check that is endorsed and cashed or deposited by someone other than the designated payee, based upon a fraudulent and false endorsement. EEZShield Check Fraud Protection does not apply to a check that bears a legitimate original endorsement that is secondarily fraudulently endorsed.
Altered checks* - EZShield Check Fraud Protection applies to legitimate checks that contain altered information such as the payee identification, check amount, or that are otherwise altered to benefit the party altering the check.
- Check fraud is one of the most damaging forms of identity theft.
- In addition to wiping out your account, it can tarnish your credit report.
- Identity theft has topped the list of Federal Trade Commission complaints.
- The average loss per fraud incident is $2,412.
- Business accounts are believed to have the highest risk of fraud.
- An estimated 50,000 cases of fraud a year are committed on the 24 million U.S. businesses.
- Alteration/forgery accounts for over 30% of fraud cases.
