Delawareans at Risk of Financial Crime - Even in their Own Households
State Treasurer Encourages Social Security Recipients to Go Direct!
Dover, DE - As the United States Senate declares March "Go Direct" month to spotlight the safety and security benefits of direct deposit for Social Security payments, Delaware State Treasurer Jack Markell urges those Delawareans who receive Social Security and Supplemental Security Income (SSI) checks to sign up for direct deposit through the Go Direct! campaign.
"Identity theft, check fraud and other financial crimes affect millions of Americans every year," Mr. Markell said. "However, there are safeguards that people can put in place to increase their financial safety such as choosing direct deposit."
The Delaware Go-Direct! campaign, launched in 2006 as a partnership between the Office of the State Treasurer and the U.S. Department of the Treasury works to ensure that all Delaware social security beneficiaries know about, understand and use direct deposit.
"A recent survey shows that financial crime is a widespread concern with four in ten saying that they either have been victims of identity theft or know someone who has," Markell stated referring to a national survey conducted by the U.S. Department of the Treasury's Financial Management Service of 1,003 adults age 18 and over. "These statistics show that we need to be as vigilant as possible in protecting our identities, and if you receive Social Security and SSI benefits, direct deposit is the best way to minimize the risk of financial crimes when receiving paper checks."
The Commissioner of the U.S. Treasury's Financial Management Service reported that 57,000 checks issued were fraudulently endorsed last year, while problems with direct deposit were negligible, and that while paper checks make up to 20 percent of the total Social Security and SSI payments, they account for more than 90 percent of reported payment problems. Additionally, U.S. Treasury officials report that 1,200 checks worth $12.7 million had the names or dates altered, and nearly 1,800 checks worth $32.6 million were counterfeit.
"If you remove the opportunity of someone having access to your money and your identity, you decrease the chance of fraud," Markell stated.
Delawareans can easily sign up for direct deposit of their Social Security and other federal benefits for free by calling Go Direct at 800/333-1795 or by visiting the Treasurer's website at www.state.de.us/treasure
