The latest check fraud scam

  • 08/15/2011 3:34 PM
    Message # 676951
    Beverly Mcreynolds (Administrator)

    Scenario

     

    "A couple left their closing with a check for their proceeds. A couple of hours later, they returned to the branch with the check and asked for a  wire instead. The closer voided the check and processed the wire. Unfortunately, they had used their smart phone and deposited the check before returning it to the branch."

     

    It is hard to say why they thought that they would be able to get away with this. Perhaps they live in another country. Regardless, we need to keep this in mind should a customer return with a check and ask for a wire!

  • 08/17/2011 5:42 PM
    Reply # 678661 on 676951
    Vincent Cassidy (Administrator)
    If Positive Pay is used and the voided check is uploaded at the end of the day with the issue file, the check is going to reject so at least the title compnay will not be out the money twice.  Just another example that Banks need to know their clients before they give them access to these remote deposit products AND title companies better be using Positive Pay. 
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