![]() ![]() This situation makes it easier for criminals to successfully negotiate fraudulent checks.Ī second major reason for the recent increase in check fraud is the availability of low-cost, professional-quality electronic publishing and copying technology. Because of Regulation CC and competitive pressures to accelerate availability, banks are increasingly making funds available for checks before those checks have actually cleared. Under Regulation CC, banks are required to make funds available within two days for local checks and within five days for out-of-town checks. ![]() Check fraud has increased substantially since 1988, when new regulations were introduced to accelerate check deposit availability. Why is corporate check fraud reaching epidemic proportions?Ĭheck fraud is a relatively low risk crime with potentially high stakes and good odds of success. A substantial portion of those fraudulent checks are for large dollar amounts. In 1993, The Wall Street Journal reported that the amount of counterfeit checks written against corporate accounts totaled at that time an estimated $1 billion annually. In recent years, corporate check fraud has been increasing at an alarming rate. ![]() Check Fraud Crime and how it can be prevented ![]()
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