Check Fraud: Protecting Your Bank and Its Customers


Presented by: John Burnett and Jeremy Peterson
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Customers of banks throughout the US and beyond are barraged with scam after scam. Many of the scams are obvious, but many are presented in such a way that the would-be victim (your customer) is more easily tricked into believing the claims of the fraud artist.

Each presentment of a fraudulent check presents potential problems for 1) the bank of first deposit, 2) the customer presenting the check, and 3) the paying bank. Knowing how to detect and reject bogus checks can protect both your bank and your customers. Knowing how to handle fraudulent checks that make it "under the radar" can save your bank from significant losses.

This program is designed to help your bank recognize the signs of fraudulent check activity. Trained bank personnel can help save gullible customers from themselves by preventing the checks from being deposited. Keeping the customer out of trouble means avoiding problems for your bank, too. Responding appropriately when a fraudulent check is presented for payment or has been charged back to your bank can minimize the losses your bank will suffer.

Upon completion of the program participants will understand:
  • how Regulation CC helps make counterfeit check fraud "profitable"
  • how common check fraud scams work
  • how customer behavior can "red flag" a check scam
  • physical clues of counterfeit checks
  • the case for check verification
  • the arguments against verification
  • fatal errors in check verification
  • when a hold can be placed, and for how long
  • the "reasonable cause" exception hold
  • why holds often aren't enough
  • counterfeits and the "midnight deadline"
  • how to handle late returns
  • how local clearinghouse rules may affect you
  • what NOT to tell a depositor about check clearing
  • what you MUST try to make customers understand
  • what to do when fraud is suspected
  • why customer education is your most effective tool
The program is designed for teller supervisors and trainers, customer contact personnel, and anyone involved in your fraudulent check stop-loss efforts.

About the Speakers: John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking. He is also a graduate of the BAI's and the Massachusetts Banker Association's Schools of Banking.

He joined Cape Cod Bank and Trust Company in 1971 and assumed his role as Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc., and became a part of the BOL Team in June, 2004.

Mr. Burnett is a former member chair of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force, and has served on several ABA and Massachusetts Bankers seminar panels.

Jeremy Peterson is an assistant vice president and the security officer for The City National Bank and Trust Company of Lawton, Oklahoma, a $258 million nationally-chartered trust company with over thirty Oklahoma offices. In 2003, he started his bank's fraud department, which now includes five full-time staff members focusing on identifying and preventing losses from check kiting, forgery and other forms of fraud. Jeremy has been a member of the International Association of Financial Crimes Investigators since 2003, and has served as its Oklahoma chapter treasurer since 2004. He is also a member of the Oklahoma Bankers Association's Fraud and Security Council.

Jeremy is an experienced trainer, both at seminars hosted by the IAFCI and at in-house sessions for his bank's tellers designed to familiarize them with check fraud scams to help prevent losses for customers and the bank.

You have the right under this license agreement for this CD-ROM to use this presentation on a single-workstation. Use on a network is in violation of the copyright agreements. CD may be used by multiple users at a given institution but may not be placed on a network or in any other multi-user environment.

This program was recorded in its entirety in November 2009. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_cashier1109
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Wednesday 21 October, 2009.

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