2020, I mean, 20Fraud
By Jon Coss, CEOJanuary 29, 2020
2020, I mean, 20 Fraud
The bad news – there’s a new fraud threat we all need to be aware of. The good news – we only have to worry about it for one year. You see, law enforcement is warning you not to abbreviate the year 2020 on checks, financial agreements, and other legal documents as the date can easily be changed and could cost you big dollars.
Let me offer an example. You agree to a scheduled payout which includes monthly payments of $500 to another person beginning March 1, 2020. On the contract that you both sign, however, you date it as 3/01/20. The other party, sensing an opportunity to defraud you, simply adds two digits to the end of the date and changes the starting payment date to 3/01/2019. They then take you to court demanding the previous 12 payments ($6,000) as agreed to on the document you signed! Bummer.
Don’t think that could happen? Think again… or perhaps watch a few episodes of Judge Judy. As another example, just think about how much easier it would be to alter an uncashed check in the future. Something similar happened to me once when a check I’d written to a babysitter was stolen from her car.
So, for this year at least, don’t be lazy – add the two extra digits to complete the year 2020. And while you’re breaking lazy habits, how about turning on your blinker before changing lanes?