Check fraud is one of the biggest challenges that banks face with respect to fraud. Advancements in technology such as desktop publishing have made it easier to produce altered/forged, fictitious or counterfeit checks which look very much like the original. In almost all cases, cheque fraud begins when the fraudster gains hold of a legitimate check and uses various means to take ownership of the check.
Check fraud schemes
There are a myriad of cheque fraud schemes including
Forgery,
Counterfeit or alteration;
Paperhanging (writing a check on a closed account);
Identity theft,
Insider fraud (fraud through collusion with bank employees) and
Telemarketing fraud.
Fraud tip: Cheque fraud has several variations such as fraud using
the MICR ink line;
the routing number;
disappearing ink
inconsistent font style or spacing;
stolen identity
Phishing/Smishing/Vishing
To know more about check fraud schemes and how to prevent/detect it, please use the contact button to reach us.
