We recently had a counterfeit check loss. I suggested we subpoena the bank of first deposit for the account records. It would seem to me, if they had other fraudulent checks clear that account before ours, they should have been on notice the account was being used for fraud and therefore liable.
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Randy Bono
CFO
FCNB Bank
Steelville, MO
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Original Message:
Sent: 07-29-2024 15:57
From: Rob Blackwell
Subject: Tuesday Topic: Check Fraud Is Everywhere
Ninety percent of CEOs, presidents, CFOs, and COOs who responded to IntraFi's most recent Bank Executive Business Outlook survey reported an increase in check fraud, and nearly a quarter said check fraud had risen by more than 50%. Some execs are calling for more action from the government; three out of five respondents said they want the liability to shift to the bank of first deposit, where bad actors open accounts to facilitate their schemes.
Be sure to catch our recent episode of Banking with Interest with Frank Abagnale, Jr., an expert on check forgery and a former fraudster, to learn why check fraud is so easy to commit and what your bank can do about it.
Has check fraud been a problem at your institution? What are some tactics you've employed to help deter it? Have they been effective? Have any technology solutions worked in particular?
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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