Investigating The National Check Fraud Center

I am pleased that Associate Professor Lee Aitken (TC Beirne School of Law, University of Queensland) penned another article for the bulletin. This time, he considers the New South Wales Court of Appeal decision on NAB v Dionys as trustee for the Angel Family Trust. I cannot write a better “teaser” than Lee himself, so I hope he would permit me to use his words here – a bank will usually try to ensure that a customer checks his or her account balances and alerts the bank to anything untoward. To what extent is the bank able to rely upon a standard clause which

• Reason - Tellers must have examined the check carefully, considered legal and Credit Union requirements,

What happens when a bank accepts a check with a forged endorsement? Who suffers the loss? Who is liable? Where can these answers be found? Check fraud law is governed by Articles 3 and 4 of the Uniform Commercial Code (UCC). The National Conference of Commissioners on Uniform State Laws and the American Law Institute created the Uniform Commercial Code in a joint effort. It took over ten years to originally draft the UCC, and a further fourteen years for the UCC to be implemented across the country. The creation of the UCC began in 1940 in an effort to "attack major commercial problems with comprehensive legal solutions" The UCC allows commercial organizations to do business across jurisdictional boundaries with confidence because these

It is important to first gain an understanding of the various types of fraud, in order to aid understanding in regards to the prevention of fraudulent activity. This paper begins with a review of the definition of financial fraud, and identification of the different fraud types. Further, included is an examination of what motivates individuals to commit fraud, including an identification of some of the method in which people commit fraud. A discussion of the importance of the fraud triangle, and how rationalization contributes to fraud is a key area of focus. Finally, there is an examination of some controls that prevent and detect fraudulent behavior, including the value and importance of understanding the nature of fraud for

A member may request to place a stop payment on a teller check, but this request may be completed ONLY if the check has been lost or stolen.

Dennis Seeds (October 31, 2014). How oversight and a little skepticism can help curb fraud in the workplace. Retrieved from http://www.sbnonline.com/article/how-oversight-and-a-little-skepticism-can-help-curb-fraud-in-the-workplace/

The following Affidavit is made in support of a request for the issuance of a Search Warrant for CitiBank account records for the CitiBank customer who deposited Wells Fargo check #1409303 on 04/16/2015 in the amount of $77.57, #1409504 on 04/21/2015 in the amount of $160.70, check #1409680 on 05/11/2015 in the amount of $506.82, and check #1409864 on 05/18/2015 in the amount of $469.29.

In January of 2000, Any Kind Checks cashed two checks written by John Talcott, Jr. The first was for $10,000. After Federal Expressing it, Talcott spoke to Rivera (his “financial advisor”) on the phone, who indicated it was more than he needed, so Talcott stopped payment on the check. Nevertheless, later that day Guarino (supposedly a broker working with Rivera) cashed the check at Any Kind, offering the Fed Ex envelope as proof the check was good.

Branches may be equipped with counterfeit detector pens. These are NOT 100% accurate, but offer a quick and convenient method to conduct a preliminary counterfeit test if a bill looks suspicious. Since US currency is made of cotton instead of paper, it reacts differently to the iodine in the pen. Normal currency will leave a yellow or tan mark. Other types of paper, including that on which counterfeit money is often printed, will turn dark brown or black.

Healthcare fraud and abuse has become a major issue for the United States healthcare system and affect many the citizens. The National Health Care Anti-Fraud Association (NHCAA) estimates that the financial losses due to health care fraud are in the tens of billions of dollars each year. In 2011, $2.27 trillion was spent on health care and more than four billion health insurance claims were processed in the United States (Challenge of Health Care Fraud, n.d.). A small percentage of those claims resulted in fraudulent claims and that is our new normal in our health care society today. Those small fractions of fraudulent claims can add up quickly and totally destroy our health care system as we know it today. Some citizens may fall to realize what impact fraud plays in our lives. Fraudulent cases have an effect on how much we pay for health insurance premiums and increase our out-of-pocket costs when we seek healthcare services. For employers-private and government alike-health care fraud increases the cost of providing insurance benefits to employees and, in turn, increases the overall cost of doing business (Challenge of Health Care Fraud. n.d.) . “In 2014, the federal government recovered nearly $5.7 billion in health care cases, up $1.9 billion from the prior fiscal year. Of that amount, $2.3 billion was tied to healthcare fraud against the federal government, according to

Plutonium entered the Internet start-up boom in 1988. It experienced rapid growth that resulted in a haphazard information technology (IT) system in which pieces of technology were implemented quickly leaving poor integration and data integrity. To strengthen data integrity and create an integrated IT system, the organization installed a billing system, Gateway, which required testing utilizing an imitation yet live credit card number to test the software and integration.

China is one of the countries that have the highest yearly rate of frauds. Although the China governments have uploaded many promotional videos on preventing the crooks, but can we really get away from the fraud base on those videos? The risk of fraudulent activity is increases every year in China. The China government should establish a special department to help people to prevent from the money frauds, because frauds are the problem that affects people a lot and also because the detection of frauds is extremely low in China.

The perfect fraud storm occurred between the years 2000 and 2002 involving two of the largest energy and telecom corporations in the United States: Enron and WorldCom. It was determined that both organizations fraudulently overstated assets, created assets from expenses or overstated revenues, costing investors billions of dollars and resulting in both organizations declaring bankruptcy (Albrecht, Albrecht, Albrecht & Zimbelman, 2012). Nine factors contributed to fraud triangle creating this perfect fraud storm, and assisting management in concealing the fraud until exposed and rectified.

Controlled Disbursement Reporting- beginning of the day notification of total require funds for the day

In our two-part series, you are given a checklist that features every question you need to ask yourself before you apply for a checking account. With this two-part list, you will find out exactly what you need to research before you apply for your checking account. After each question is a series of smaller questions to help you decide what is best. I also give a little advice about what alternative options you have when choosing a new bank.