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Dangers of Floating Checks

Floating a check may seem harmless; after all, check floaters may know they will have the money in their account within a couple of days. They may think that their actions can’t hurt anything. Although that may be true in some cases, floating a check can be costly for consumers and dangerous for... (more...)

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Check Fraud Detection and Prevention

A 2018 study conducted by American Bank and SourceMedia Research reveals that the majority of senior level executives from banks, credit unions, and other financial institutions report that they are more worried about fraud now than they were a year ago. They deal with multiple types of fraud, including... (more...)

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Check Fraud Penalties

Check fraud can take several different forms and lead steep financial losses. In some cases, a thief may forge a check for a couple hundred dollars, or they may spearhead check kiting schemes worth millions. Depending on several factors, fraud may be punished by the state or federal authorities, and... (more...)

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History of Check Fraud

As long as there have been checks, there has been check fraud. Fraudsters have forged checks, impersonated account holders to cash checks, stolen checks, tricked people into giving them checks, and committed countless other types of fraud. Banks have been fighting check fraud for hundreds of years, and... (more...)

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6 Infamous Check Fraud Scandals

Although check use is down, check fraud is up by about 12%. Check fraud can include nearly anything from a small floated check to an extensive million-dollar fraud. Keep reading to learn about some of the most infamous check frauds of the last few years. 1. Big Losses in Texas Between 2004 and 2006,... (more...)

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Re-encoded Cards

In Nashville, authorities apprehended a woman with 40 re-encoded cards. They found a man with 102 re-encoded cards in Chattanooga. In Michigan, two men used re-encoded cards to buy nearly $10,000 in gift certificates. These stories aren’t that uncommon. With the right technology and a bit of information,... (more...)

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Rogue Traders

If your financial institution employs traders, you need to be on the lookout for rogue traders. As you may know, rogue traders act independently, take on risky investments, and tend to have minimal regard for their clients and your financial institution. To protect yourself, keep these essentials in... (more...)

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The Safeguards Rule — An Overview for Bankers

By necessity, companies that offer financial services have to deal with very sensitive information and important data from their customers. Banks and other financial institutions collect data such as birth dates, social security numbers, credit card numbers, credit histories, and income information on... (more...)

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Prime Bank Instrument Fraud

Over the past few years, people and businesses from around the world have lost billions of dollars in prime bank instrument scams. There are no prime bank instruments, and if someone is trying to entice your customers or employees to invest in these instruments, they are a scam artist. To protect yourself,... (more...)

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Identity Theft Protection Tools You Should Offer Your Clients

According to the Bureau of Justice Statistics, 17.6 million U.S. residents were affected by identity theft in 2014 — the latest statistics available. That’s about 7% of all people over the age of 16. There’s a good chance that your customers may face identity theft at some point; to protect... (more...)

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