Check Fraud & Scams

Checks are becoming obsolete – so why worry? Not so fast! Although check use is declining, check fraud is increasing exponentially year after year. You cannot afford to have a laissez-faire attitude! Attend this interesting program to learn the latest on check fraud scams and how to spot and thwart them.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

• Remember the common components of a check
• Handle accountholders who present counterfeit items
• Distinguish between recover rights on alterations, fraudulent items, and forged endorsements
• Use Regulation CC holds and other tools to prevent loss
• Identify check washing, cash-back scams, fraudulent items, check kiting, and other types of check fraud
• Listen to what your accountholder is saying to determine if a check is legitimate

WEBINAR DETAILS

While the number of checks has decreased, check fraud has exponentially increased. In February 2023, FinCEN issued an alert (FIN-2023-Alert003) indicating there were 680,000 cases of possible check fraud reported in 2022. That’s up from 350,000 in 2021, which itself was a 23% increase over 2020. Because FinCEN sees no indication that check fraud is going to subside anytime soon, the agency cautioned financial institutions to be vigilant and, along with the United States Postal Inspection Service (USPIS), warned that the main source of stolen checks is the US mail. This webinar will look at all the different check fraud schemes and how to prevent them. You’ll also learn who takes the loss for each type of fraud.

WHO SHOULD ATTEND?

This informative session will benefit tellers, new accounts staff, compliance professionals, bookkeeping personnel, call center staff, branch managers, BSA officers, and security officers.