- April 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Cheque Theft in the Mail: A Growing Concern
In recent years, we have witnessed a concerning trend in our business where cheques are frequently stolen in the mail. The perpetrators then alter the name on the cheques and proceed to deposit them using Mobile Banking services. This poses a significant security risk and financial loss for businesses.
### Challenges in Preventing Cheque Fraud
Banks often advise that the most effective way to prevent cheque fraud is to cease using cheques altogether or to invest in their own proprietary Fraud detection software. While these measures can help to some extent, they do not completely eliminate the risk of fraud.
### Importance of Timely Detection
In my role, we utilize fraud detection software and upload cheque lists daily to our bank. This system helps in identifying any alterations made to cheques or unauthorized deposits. However, it is not foolproof as it may not catch instances where the cheque recipient simply deposits the cheque without any alterations, leading to delayed detection of fraudulent activity.
### Seeking Solutions: The Role of AI Legalese Decoder
This is where the AI Legalese Decoder can offer valuable assistance. By utilizing advanced artificial intelligence technology, the decoder can analyze legal documents and contracts to identify any discrepancies or potential fraud risks. This tool can help businesses in detecting and preventing fraudulent activities, including cheque fraud.
### Legal Recourse in the Face of Fraud
In a recent incident at a charity where I volunteer, a cheque was altered, and the bank refused to reimburse the funds. This situation underscores the need for clear solutions and accountability from financial institutions. Banks need to take responsibility for the risks associated with mobile cheque deposits and ensure that they remain accountable for any fraudulent activities.
### Exploring Options and Holding Banks Accountable
As businesses and individuals, it is crucial to explore all available options in cases of cheque fraud. Seeking legal advice and advocating for accountability from banks can help in recovering lost funds and preventing future incidents. By holding banks responsible for the security risks posed by mobile cheque deposits, we can work towards a safer and more secure financial system for all.
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****** just grabbed a
We had the worst experience with Scotia when this happened to us, the amount stolen was about $9,000. Had to hire a lawyer to recover the money. Ended up switching to TD bank and when the same situation happened we received the money back within 2 business days.
Your bank is accountable, within certain time limits. Payments Canada provides a process to return payment items like cheques through the clearing system for various reasons.
Items may be returned for the reason “Material Alteration” (which includes changing the payee name or the amount) up to _90 days_ from clearing.
Items may be returned for the reason “Intended Payee(s) Not Paid” (which means the item was deposited into an account notauthorized to receive it) or “Forged Endorsement” (which means someone fraudulently signed the payee’s name on the back) for up to _six years_ from the date of clearing.
Banks hate having to deal with this and will argue that it’s not their responsibility. Don’t be fooled; it is. In extreme cases, it may take suing your bank to get your funds back, which will obviously ruin your relationship with them.
A friend got his checkbook stolen and people had stolen money from his account writing multiple checks for ~$1000 each. When he raised the issue, the bank had said it’s his responsibility to safeguard his checkbook even though the signature on the back didn’t match his name and some didn’t even have signatures. Needless to say, but checks are extremely risky to have and even to order. If you need a void check, you can download a copy from the bank.
Even 12 years ago before mobile cheque deposits this was a problem.
We used to have our sales people collect cheques from all our customers and then send them to the main office for deposit. And, then we had our own cheques that we printed out and sent to vendors.
There was this period of time where cheques from both piles would get stolen, washed and deposited into other accounts. It was clearly an inside job but it was tricky to nail down who. But then we had three finance ladies caught trying to smuggle cocaine from the Dominican Republic and the cheque stealing stopped.
Our company completely stopped using cheques soon after all of this but I do remember the arguments with the bank about getting the money back, we even ended up changing banks in part because of it.
I can only imagine how much more prevalent this is with mobile depositing.
Escalate. If the cheque has obviously been altered then it was fraud, if you notified the bank within any reasonable time (usually something like 30 days after the statement date, or 30 days after receiving the statement) then they should eat it. Really they probably won’t eat it, “cleared” cheques can be returned for fraud (which is why individuals have to watch out when they receive cheques from sketchy people, just because you see the money doesn’t mean it can’t be reversed!) So the bank where it was deposited would get charged back, and they would then try to recover the funds from the destination account.
The banks just automatically reject claims for large cheques and make you fight. If it was $10 they would have just accepted it.
Email them the cheque. If all a company has to do is take a picture to deposit, bypass the obvious failure, mail.
If you don’t mind me asking, instead of having cheques sent in the mail (which is a Fraudster’s dream), why not switch to either debiting the account via pre authorized debits or having the payee send the funds electronically like they would payroll? Even Etransfers can be sent account to account which is way safer than making a cheque.
You could file a complaint through the Ombudsman.
https://consumerportal.obsi.ca/public/inquiries/inquiry.
They will first have you contact a customer service department at the bank. (Not the regular customer service).
They will probably take care of the problem, but if they don’t, you will then continue with OBSI and they should help deal with it.
>AT my job, we have the fraud software, daily we upload our cheques to the bank so they have a listing and if someone changes a name or amount on a cheque or even cuts their own cheques with our account number, the funds would be returned to us next day. However that does not catch if I were to write a cheque to John Smith, and they leave the cheque unchanged and just deposit it into their own account. That can take months to realize, when John Smith calls us asks us why an old invoice has not been paid.
Gee, a person can’t even deposit a cheque made out to his/her spouse, so how is it that someone can deposit a cheque that has a stranger’s name on it? Is no one watching that Sally is trying to cash a cheque made out to Dave?
How does the anti-fraud software work? Does it send a photo of the cheque that will be checked at the clearing centre?