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Credit Card Fraud and Cyber Crime: The Intersection

At its simplest, credit card fraud can involve stealing someone’s physical credit or debit card and using it to make purchases. However, that type of credit card fraud is becoming rarer by the day. In fact, after the introduction of Europay, Mastercard, and Visa (EMV) chips, card present fraud... (more...)

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What Are Counterfeit Checks?

Counterfeit checks include any checks that have been created fraudulently with the purpose of stealing money from someone. This category can include fake cashier’s checks, money orders, personal checks, and business checks. In some cases, all the information on the check is fake, but in other situations,... (more...)

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Types of Check Fraud

Fraudsters use a variety of different types of check fraud to steal money from people and businesses. These are some of the most common types of check fraud that may impact your financial institution or your customers. Paperhanging Paperhanging refers to situations where account holders purposefully... (more...)

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How to Spot an Altered Check

Thieves alter checks by changing the amount or the payee name. Then, they cash the check over the counter, deposit it into a new account and withdraw the funds before anyone detects anything or find other methods of getting the cash. To spot altered checks, keep the following tips in mind. 1. Look for... (more...)

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How to Protect Yourself from Fake Cashier’s Checks and Money Order Scams

When you run a financial institution, you inevitably hear about money order and cashier’s checks scams, and eventually, some of your customers may fall prey to these scams. Theoretically, your customers are responsible for losses related to fraudulent money orders and cashier’s checks, but... (more...)

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Cashier’s Checks and Money Order Scams

Savvy scam artists take advantage of the sense of security banking customers feel around cashier’s checks and money orders, and they use fake money orders or cashier’s checks to steal money from victims. In most cases, by the time your financial institution realizes the cashier’s check... (more...)

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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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