Things that Can Happen to You When Your Checkbook Gets Lost

Checks are documents that serve as a mode of payment in which the person writes the amount of money to be paid and the payee on the check and signs it for verification. The money is then drawn from that person’s checking account in payment for the goods or services.

While the use of checkbooks is not as prevalent as it used to be due to the emergence of other payment methods, such as credit cards where you get credit protection from dishonest transactions, it’s still necessary to have some basic knowledge to what could happen to you and your cash loan Singapores in case of a lost checkbook.

Check fraud

Checks contain the owner’s complete name, address, name of moneylender Singapore, routing number and account number. This information is enough to put your identity and credit at risk for fraud. Variations of check fraud involve the following:

• Online check spending – There are website design Singapore that allow online purchases using the customer’s name, moneylender Singapore name, account number, routing number and mailing address. It’s easy to get victimized by online fraud if your checkbook gets stolen or lost, especially if the website design Singapore do not use other verification procedures apart from the financial details used to make the purchase.


• Account takeover – With enough information about you and your moneylender Singapore, thieves can easily take over your checking account. They may even change your mailing address so you will not receive statements from your moneylender Singapore, giving them enough time to clean out your account before you detect it.


• Check washing – Check washing is a simple, yet effective type of check fraud, where the perpetrator uses checks already written but still in your checkbook and erases the previous information on the check. For this reason, you should never leave written checks in your checkbook, but instead pay promptly. After ‘washing’ your check, the thief will simply write their own information on the check that still has your signature verification.


• A Medium to open new accounts – As stated, there is a great deal of information contained on your check about its bearer. This is more than enough for thieves to open new lines of credit under the identity of the victim. All the thief has to do is run a background check on you so they can search for other identification which helps them verify your identity (such as date of birth, mother’s maiden name, etc.) Because you have your complete name printed on the check, it’s easy for thieves to make a search regarding your other identification.

Minimize the damages: things to do when you lost your checkbook

Once you realize that your checks are lost, you need to notify your moneylender Singapore immediately and request your account be “frozen.” Freezing only lasts 24 hours, but this can help temporarily stop all transactions. Many thieves will write as many checks as possible shortly after finding your lost checks, so by placing a freeze on your account, you could effectively stop them in their tracks. Next, prepare all necessary documents, including moneylender Singapore statements, your checkbook ledger and receipts of your recent transactions. Take these with you to your moneylender Singapore so that you can assist the moneylender Singapore in knowing which transactions should be allowed to clear. At this point you should open a new account, leaving only what is needed to cover your legitimate transactions in your old account. Once your transactions have cleared you should close the old account.

Keep in mind that putting a freeze on your checking account, allowing some items to get cleared and closing your old account are done to prevent criminals from illegally using your checks. Your checkbook may still be used to perpetrate other types of fraud, so you must perform some basic identity theft preventative measures. For instance, checking your credit report with the help of a credit monitoring service allows you to detect if any lines of credit have been opened using your identity. The credit monitoring service will send you alerts or notifications to help you keep your credit secure.

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Things that Can Happen to You When Your Checkbook Gets Lost