Member companies are reporting increased instances of FedEx Dropbox break-ins and the theft of pay-off checks.

We have warned several times to deliver checks in-person to the institution or to the physical location of a FedEX or UPS Office.

Here is a clip from a recent Politico article quoting a letter to the American Bankers Association from Senate Banking Chair Sherrod Brown and Sen Warren:

“Check washing has become an elaborate and organized method of successfully scamming consumers and banks,” they wrote in a letter to ABA President and CEO Rob Nichols on Wednesday. Fellow Banking Committee member Sen. Catherine Cortez Masto (D-Nev.) also signed the letter.

Banks in 2022 saw an 84 percent increase in check fraud, according to the Treasury Department’s Financial Crimes Enforcement Network.

This is a national problem.

All it takes to remove document envelopes from a drop box is a D-Con glue trap and a shoelace.