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Reducing Fraud Losses

We are getting hit hard with fraudulent new accounts who deposit $50 to open the account, then deposit a bogus or NSF $9,000 check two days later and withdrawal that amount before the check is returned. Any ideas how to legally stop this from happening without offending legitimate new customers?

Some alternatives include:

  • Change your availability rules and disclosures for new accounts under Reg. CC
  • Train employees to see this pattern and encourage them to verify such checks before accepting them for deposit
  • Train employees to see this pattern and refuse to accept these checks for deposit (make them go to collection)
  • If not already doing so, verify your new customers using a negative file search like ChexSystems and/or pulling a credit bureau report

Increase your tellers' expertise on holds -- and reduce your fraud losses. Ken Golliher explains how in a live BOL Learning Connect Webinar Wednesday, January 8th -- Holds for Tellers. For just $199, you not only get to have a roomful of employees at one location, you also get the ability to replay the archived program at a later date and time of your choosing, so you can train your employees when it's convenient for you! REGISTER NOW!

First published on 1/6/03

First published on 01/06/2003

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