Fraud schemes involving checking accounts have become more common and sophisticated in recent years. According to the Financial Crimes Enforcement Network (FinCEN), banks observed an 84% increase in check fraud from 2021 to 2022, reflecting a broader trend of rising fraud tactics. This increase in check fraud is likely due, in part, to enhanced security measures around digital payments, which have driven criminals to return to this more traditional method.

More recently, the 2024 AFP® Payments Fraud and Control Survey Report cites checks as the payment method most vulnerable to fraud, with 65% of organizations reporting check fraud activity.

If you fall victim to check fraud, recovering your money from the bank is unlikely. To protect yourself and minimize potential losses, consider the following measures:

• Check your bank's Fraud Protection services, which can include things like Positive Pay. While these services come with a fee, they can prevent larger losses.
• Using a third-party bill payment service (e.g., your bank’s or bill.com) can safeguard your banking information from exposure to vendors, employees, and potential check interceptors.
• Monitor your account for any unusual transactions, as fraudsters often start with small amounts and then quickly escalate the amount of each transaction.
• Regularly check your account and set up text or email alerts for transaction updates.
• If you suspect fraud, contact your bank immediately and close your account.

In response to this increasingly problematic trend, GAR Foundation will begin to require ACH deposits for all grant award payments in 2025. We will provide more information about this transition in the near future.

Is your nonprofit on top of Artificial Intelligence? On October 24th, join Business Volunteers Unlimited (BVU) to learn from world-class experts on practical and ethical AI usage for mission advancement. 

We are thrilled to share that BVU has offered to extend its member discount to all GAR grantees! Simply select "I am a BVU Member" during registration for a $50 savings per person.

Host: Business Volunteers Unlimited (BVU)

Dates: Thursday, October 24, 2024

Time: 8:00 am - 12:00 pm

Location: Case Western Reserve University (Tinkham Veale University Center, 11038 Bellflower Rd, Cleveland, OH, 44106)

Cost: $115 for GAR grantees (select "I am a BVU Member")

*Note: Seats are filling up fast, so don't delay if you're interested in attending!

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Get the tools and information you need to secure your funding this year and beyond. GrantStation offers nonprofit organizations, educational institutions, and government agencies the opportunity to identify potential funding sources for their programs or projects as well as resources to mentor these organizations through the grantseeking process.

About GAR Foundation

Established in 1967, GAR Foundation was born of the philanthropic desire of Galen and Ruth Roush to support the needs of those in the local community. As of 2024, GAR Foundation has returned over $282 million to the community in the areas of education; economic, workforce, and community development; arts and culture; and basic needs. GAR Foundation’s mission is to help make Akron smarter, stronger, and more vibrant. LEARN MORE

GAR Foundation

Andrew Jackson House

277 East Mill Street

Akron, OH 44308

www.garfoundation.org

(330) 576-2926

info@garfdn.org

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