Many of the scams are obvious, but many are presented in such a way that the would-be victim (your customer) is more easily tricked into believing the claims of the fraud artist.
Each presentment of a fraudulent check presents potential problems for 1) the bank of first deposit, 2) the customer presenting the check, and 3) the paying bank. Knowing how to detect and reject bogus checks can protect both your bank and your customers. Knowing how to handle fraudulent checks that make it “under the radar” can save your bank from significant losses.
This program is designed to help your bank recognize the signs of fraudulent check activity. Trained bank personnel can help save gullible customers from themselves by preventing the checks from being deposited. Keeping the customer out of trouble means avoiding problems for your bank, too. Responding appropriately when a fraudulent check is presented for payment or has been charged back to your bank can minimize the losses your bank will suffer.
Upon completion of the program participants will understand:
how Regulation CC helps make counterfeit check fraud “profitable”
how common check fraud scams work
how customer behavior can “red flag” a check scam
physical clues of counterfeit checks
the case for check verification
the arguments against verification
fatal errors in check verification
when a hold can be placed, and for how long
the “reasonable cause” exception hold
why holds often aren’t enough
counterfeits and the “midnight deadline”
how to handle late returns
how local clearinghouse rules may affect you
what NOT to tell a depositor about check clearing
what you MUST try to make customers understand
what to do when fraud is suspected
why customer education is your most effective tool
The program is designed for teller supervisors and trainers, customer contact personnel, and anyone involved in your fraudulent check stop-loss efforts.