Thousands of new Telegram channels are sprouting up online dedicated to the trafficking of stolen and counterfeit checks.
A new report released this week by BlueVoyant indicates that they monitored four times as many check fraud IM groups in January 2023 as in January 2022, with noticeable increases toward the end of 2022 that continued through early this year.
It’s now hit 500%, according to the Cybersecurity firm based in New York.
The Number of Checks Being Posted For Sale Spiked Even More
While the number of check fraud channels is growing, what is more, concerning is the average number of checks that are being listed for sale per group.
According to BlueVoyant, “from an average of a few hundred checks per group per month in the first half of 2022 to thousands per month in early 2023.”
They rightly point out that this phenomenon of the rising number of checks for sale online is just a mere fraction of the check fraud problem itself.
The report points out that, “Not all fraudulent checks eventually processed by a financial institution would have been previously exposed online, meaning the trend’s observable scale is likely just the tip of the iceberg.”
Fraudsters Are Promoting “Collabs” With Mules and Other Scammers
A quick browse of the messaging channels can provide a wealth of information on what these check fraudsters are doing.
And what they are doing is creating “Collabs” (collaborations) to industrialize check fraud or “Glass” as they refer to these stolen checks.
A “collab” is a process where a fraudster provides the stolen check to a mule. The mule deposits the check into a bank account and splits the proceeds with the fraudster 40/60, meaning the fraudster gets 40% of the proceeds, and the mule gets to keep 60% of the money.
Check out this advertisement here for a Collab.
Jackson F Wants To Sell You This $303k Check For $2,500
Jackson F certainly isn’t his real name. Or maybe it is. But on Telegram, he is the real deal and one of the most prolific collaborators on check fraud on the platform.
Jackson F is the owner and admin of one of the most popular fraud channels Scammers Empire, which boasts over 30,000 members and is a hotbed of collaborations, methods, and intel on how to commit fraud against banks.
Jackson F seems to specialize in how to scam banks and probably knows more about a bank’s fraud and security controls than just about anybody in the bank.
And he loves collaborating on checks.
And he just posted this $303,561.92 business check drawn on a US Bank account for a company based here in San Diego. He is willing to cut you a deal on the check. Either pay him $2,500 or, if you prefer, just deposit the check in your account and send him 40% after the check clears.
Jackson F Wants To Collab With You
If you don’t want the check, Jackson F has other ways for you to collab with him. On his wishlist, he wants accounts from Regions, Chase, Navy Fed, Credit Unions, and “Offy Banks,” presumably offshore banks.
Jackson F is just one of the thousands, maybe millions out there with their sights aimed at taking from banks by all means necessary.
Download The BlueVoyant Report Here
If you want to download a copy of the BlueVoyant report, click the link below.