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Deposit Account Fraud Protection

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Fraud exists in all kinds of accounts; forged drawers’ signatures and forged endorsements, constitute the most common types of fraud, together accounting for about 33 percent of losses. Other major forms of fraud include new account fraud, checks written against closed accounts or insufficient funds, and counterfeit checks.

The explosion in electronic payments in recent years has created opportunities for significant processing efficiencies, faster clearance of payments, and incentives for the development of new technologies that provide an increasing number of consumers with the option to make electronic transfers of funds.

Deposit Account Fraud Protection contains the information you need to protect your institution’s deposit accounts from check fraud and electronic fraud. No other book covers all the relevant compliance and legal issues for all forms of negotiable instruments the way it does. The focus is on taking the right steps to help your financial institution avoid potential liability, so you’ll find useful tools like:

•  Tested, proven internal procedures for reducing your exposure to check and electronic fraud.
•  Training materials, including tips, guidance, and discussion points at the end of each chapter to ensure your staff knows how to identify and handle potential deposit account fraud.
•  Checklists designed to help you detect and prevent fraud. These practical lists let everyone in the bank become an expert in detecting check fraud.
•  Compliance guidance and examples of court cases.
•  Highlights of the important legal points, including cross-references.
•  Guidance on how to use Reg CC exemptions to extend funds availability deadlines.
•  Handling EBPP and P2P payments
•  Types of wire transfer and ACH fraud.

Authors / Contributors

Table of Contents

Introduction to Deposit Accounts Fraud

Chapter 1: Understanding Checks and Check Fraud

Chapter 2: Forgery of Drawer’s Signature Indorsements

Chapter 3: Forged Indorsements

Chapter 4: The Check 21 Act, Substitute Checks, and Remote Deposit Capture

Chapter 5: Alteration of the Check

Chapter 6: Notice of Breach of Fiduciary Duty

Chapter 7: Payment Over a Restrictive Indorsement

Chapter 8: Check Kiting and Midnight Deadline Issues

Chapter 9: Fraud Involving Cashier’s Checks, Teller’s Checks, and Certified Checks

Chapter 10: Encoding Fraud

Chapter 11: Credit Card Fraud

Chapter 12: Consumer Electronic Fund Transfers: Electronic Banking and Payments

Chapter 13: Fraud Involving ATM and Debit Cards

Chapter 14: Wire Transfer and ACH Fraud

Chapter 15: Identity Theft Prevention

Training Materials

Checklists

Glossary

Appendices