UCC tricks and treats!
I hope everyone has a Halloween filled with more treats than tricks! Speaking of tricks, what happens when a credit union receives a check that has double the forgery? For example, the drawer’s signature [...]
Posts Tagged ‘Check Fraud’
3 signs of a fraudulent check you absolutely must know
One of the most popular types of fraud among scammers in recent months is check fraud. It’s not hard to see why, either. Advancements in technology have made creating checks almost absurdly easy, and [...]
What you need to know about check fraud
You’re probably aware of the numerous ways scammers try to con money out of victims through the Internet. What you may not know, though, is that in the past few months many scammers have [...]
Is check fraud still a thing? Why check fraud is still a thing
If you search when checks started being used, you might find a lot of conflicting results. Some scholars argue that evidence of checks can be dated back as far as the 12th century. So with [...]
Check fraud remains pervasive with new scam channels evolving
Despite a steady drop of checks in circulation, check fraud remains stubbornly pervasive. The expansion of deposit channels – including mobile and remote-deposit capture – has made preventing fraud more difficult. High Point, N.C.-based Advanced [...]
Plan to change check ‘holds’ may lead to more fraud
Federal regulators may ease the way for fraudsters if they adjust the “hold” periods that credit unions and other financial institutions may place on checks, credit union trade groups have been warning. The proposal from [...]
Counterfeit check fraud prevention
Reports of counterfeited consumer and business checks continue to pour in from financial institutions across the nation. Counterfeit check fraud results in two types of risk exposure: Exposure to the depository financial institution Exposure to [...]
How can credit unions cut check fraud nearly in half?
Check fraud accounts for 35% of industry fraud losses. In addition, with the growing popularity of new deposit channels – particularly mobile deposit – fraudulent deposits exploiting paper checks are rising again. Greensboro, N.C.-based cybersecurity [...]
Engaged credit union employees run check fraud scheme for drugs
A couple engaged to be married were also allegedly engaged in a $374,000 fraudulent check scheme while they worked at two Wisconsin credit unions to support their mutual drug habit. Anna Chaberek, 32, of [...]
Surprising stats that prove check fraud should not be ignored
Cash may be king, but for many purchases, cash is just not reasonable or possible. And while payment cards and ACH are popular alternatives, the assumption that paper checks are dead is a risky one [...]
Social media scheme hits six credit unions
Six small and large New York credit unions and their members were victimized in a $100,000 social media check fraud scheme. New York Attorney General Eric T. Schneideman filed a 19-count indictment July 29 [...]
Will mobile banking and EMV-chip cards boost check fraud?
Every year for the past decade or so, fewer checks are written as consumers switch to cards and, lately, mobile apps. Total losses from check fraud have also dropped. So, thwarting check fraudsters can be [...]
5 insightful FinCEN statements about Collaboration through 314(b)
Although the USA PATRIOT Act was legislated more than a decade ago, it is interesting to note that one particular section – 314(b) information sharing – has become the subject of renewed focus. Numerous regulatory and [...]
Navigating the check fraud landscape
Operational strategies to match the current scene by. Andrew Tilbury Even with check usage declining, credit unions struggle with finding effective ways to protect their members from losses from returned items, counterfeits and forgeries. Fraudsters [...]
5 Money Scams to Watch Out For
BY BISHOY AYOUB Thieves have evolved their schemes when it comes to fraud. There are many types of scams out there and identity swindlers are always looking for their next victim. We’ve compiled a [...]