what is another word for running checks and deposit

Spotting fraud takes time, and use of fraud-fighting technologies is always a tight balancing act of convenience vs. “I predict that organized fraud rings – which will be actively looking for new targets as EMV becomes more fully implemented – will discover (mobile remote deposit capture) in a big way,” she said.

With chipped “EMV” credit card chips finally becoming a reality in the U.S., eliminating one popular kind of fraud, criminals will aggressively hop to another technique to replace lost income. That means they are beginning to favor speed over safety.Īnd there’s another element which makes mobile banking ripe for the next wave of fraud, predicts analyst Shirley Inscoe of Aite Group. But with the meteoric rise of remote deposit capture and mobile banking– some analysts think half of all retail deposits will utilize the technology by next year - banks are racing to compete with each other to offer the service. It seems almost too simple: criminals re-depositing the same check multiple times. “If didn’t use Quicken I would have….I use online Quicken to reconcile the accounts, and that is how I found it.” “I totally could have missed it,” Rosales said. That means the check can be deposited a second time, a problem known in banking as “double presentment.” Check recipients who do that get to keep the paper check, rather than hand it over to a teller or an ATM. The student used a new, popular checking account tool called “remote deposit capture” - he deposited the check with his cell phone. For example: a $100 check she wrote to a high school student for yard work was cashed in December, and then again in April. Both were cashed…and then cashed a second time a few months later.

Twice in the past year, she wrote checks to pay for small services such as yard work. It happened to Louise Moon Rosales of Vermont.

What is another word for running checks and deposit