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Check Fraud: A Guide to Avoiding Losses Federal Bureau of Investigation

Check Fraud: A Guide to Avoiding Losses

Federal Bureau of Investigation

Published December 3rd 2013
ISBN :
Kindle Edition
18 pages
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 About the Book 

Check fraud is one of the largest challenges facing financial institutions. Technology has made it increasingly easy for criminals, either independently or in organized gangs, to create increasingly realistic counterfeit and fictitious checks as wellMoreCheck fraud is one of the largest challenges facing financial institutions. Technology has made it increasingly easy for criminals, either independently or in organized gangs, to create increasingly realistic counterfeit and fictitious checks as well as false identification that can be used to defraud financial institutions.The scope of the problem can be shown by some recent statistics. According to the U.S. Department of the Treasury, Financial Crimes Enforcement Network’s (FinCEN) 18 Month Analysis of the Suspicious Activity Reporting System (SARS), 43 percent1 of SARs reported for criminal referral between April 1996 and September 1997 related to check fraud, counterfeit checks, and check kiting. Financial institutions lost an estimated $1 billion to those check fraud related schemes during that time.To protect the banking industry and its customers from check fraud, financial institutions must become familiar with common check fraud schemes. This booklet describes some of those schemes and presents tactics for use in combating check fraud. It cannot describe comprehensively all types of check fraud or check fraud schemes, because the variations are limitless. Although this booklet is a general guide, financial institutions should look to state and local laws for other guidance. It can, however, get bankers, tellers, operations personnel, and security officers to think about the problem and show how they can help protect their institutions from check fraud.