CheckArmor offers personal or business check buyers check fraud restoration services, including, check replacement and advancement of funds for losses from the affected checking account, (up to $2,500 on personal checks and up to $25,000 on business checks) based upon a fraudulent act that involves checks from an eligible check order. CheckArmor provides a certified resolution specialist to guide check buyers through the fraud restoration process. CheckArmor is available for up to one year from the date the check order is shipped or until use of the last check in the check order, whichever comes first.
Check Fraud: Fraudulent acts eligible for CheckArmor:
- a forged signature (a legitimate blank check that is forged with the personal check account holder or business account holder signature as the maker);
- a forged endorsement (a legitimate check that is endorsed and cashed or deposited by a person other than the designated payee based upon a fraudulent endorsement);
- an altered check (a legitimate check that is fraudulently altered as to the designated payee, check amount, or otherwise so as to benefit the person altering the check).
- a counterfeit check (Applies to a document that purports to be a legitimate check drawn from your account, but in fact is not a legitimate check that results in an unauthorized debit to your checking account.)
Identity Fraud: Identity crimes eligible for CheckArmor:
CheckArmor defines "identity crimes" in 3 ways:
- Lost or stolen information:
- For example, a lost wallet, or information being exposed as part of a breach.
- Neither fraud nor identity theft have occurred yet, but the risk is there, and there are steps that can be taken to mitigate risk.
- This is when someone has gained access to, and abused, existing accounts.
- For example, someone obtained your bank account information and removed funds. Or your credit cards were used by someone without your consent.
- Identity Theft:
- This is when someone has enough information about someone else to obtain new lines of credit in their name.
- For example, they establish new credit cards, purchase vehicles or homes in your name. These debts are not yours, but are now associated with you.
Check Fraud and Identity Theft Restoration
Resolution specialists are available to assist check buyers who have questions or concerns about suspected or real check fraud and identity theft In the event of fraud, a dedicated resolution specialist will perform assisted or fully managed restoration services with the victim or on behalf of victims and coordinate with the check buyer's applicable bank or financial institution.
"Assisted" restoration services mean that the dedicated resolution specialist will perform restoration services in conjunction with victim and partner with the victim in discussions with the check buyer's financial institution and/or other agencies.
"Fully managed" means that, in addition to advising check buyers on the best procedures to help prevent fraud or respond to a fraud event, a resolution specialist can also act on behalf of check buyers by obtaining an executed limited power of attorney form. Executing a limited power of attorney is not required and is at the discretion of the fraud victim.
Check Fraud Restoration and Advancement
CheckArmor advances funds to the check buyer for losses that would later be credited to the account by the financial institution. Funds up to a maximum of up to $2,500 on personal checks and up to $25,000 on business checks per fraud event may be advanced for all checks to which the service applies within 72 hours of submitting all necessary documents. Forms required to submit a request for funds advancement:
- Copy of last bank statement evidencing debit(s) to account for fraudulent document and overdraft charges, if any, and stop payment fees, if any;
- Copy of forged or altered check(s)
- Signed and notarized Affidavit of Check Forgery or Alteration
- Copy of filed police report or other similar report filed with relevant local law enforcement
- Signed and notarized Limited Durable Power of Attorney and Assignment
Once all necessary forms are expedited back to CheckArmor, the Resolution Specialist will verify all documents and confirm the request is eligible for benefits. Upon validation of benefit eligibility and confirmation that all requirements have been met according to the Terms and Conditions of the program, CheckArmor® will send a check within 72 hours.
If the check buyer must close the affected checking account due to fraud, the resolution specialist will assist with check replacement. The resolution specialist works with the check buyer's financial institution and the check printer so the check buyer may quickly resume normal financial transactions.
CheckArmor Defense. 32-step restoration process
(for check fraud and identity theft victims)
These services are provided in the event of check fraud or identity theft.
Even after the resolution of the fraud event, a dedicated resolution specialist will be available for 12 months to perform assisted or fully managed restoration services on behalf of victims and coordinate with check buyer's financial institution and/or other agencies.
Unauthorized changes to a check buyer's credit report can be the first sign of fraud. CheckArmor coordinates with the credit bureau to alert the check buyer when there is a change to the credit file.
CheckArmor monitors, for 12 months from the fraud event, for new activity in the personal check buyer's credit file and alerts the check buyer of any activity discovered, which enables the check buyer to verify the activity.
Business check buyers who have become check fraud victims will have a 12 months access to their Dun & Bradstreet® report on a quarterly basis to help identify fraud.