Customer Reviews

Check Fraud, Holder in Due Course, Check 21 & Identity Theft, V6: Check Fraud, National Epidemic; Prevention Best Practices; Check Washing; Check 21 & Check Fraud; Primer on Laser Printing; Check Security Features; High Security Checks; Holder in Due (2007 Printing, SC1006)

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The next wave of cheque fraud will be from electronic records.
Banks honestly dont really care about check-fraud because it's covered by FDIC and they dont want to inconvenience any custoemrs.
I know...I developed signature verification software 20 years ago, and the banks did not want it.
This american attitude is going to bite us in the behind.
Our current lax attitude about security of electronic check records, and willingly offshoring programming work to third world countries is because fdic will foot the bill for fraud. Careful, it might be in for a hurting, as every US bank account might get zapped. And FDIC might not have enough funds to handle a nationwide loss.
I'd detail how it can happen, but I dont want to post recipies.
One check Exchange touches 90% of all checks written today.....ouch...programming is done in a third world country, and testing as well. We've outsourced security to save money (lol).
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The paper checks had an interesting security feature, which we've short changed. Volume. If it's stored in a wharehouse, then a single check means nothing. But, now as an electronic record, volumes of checks can give away secrets from corporate mergers (stock market manipulation), to international security issues (every navy ship has a bank on board). Check-21 might have done us a disservice, and might have been a minor contributor to the current poor economy. Efficiency = job loss, etc.