Check 21 Becomes Law
- Topics:
- Commercial Banking
- Tags:
- Bank,
- Check 21,
- Financial Services,
- TechTarget
- Source:
- TechTarget
FREE Registration is required
Overview: This white paper, says that the scam begins with a spoof e-mail campaign to trick bank customers into disclosing their user name and login passwords. Then, using the fraudulently-obtained information, customers' monthly statements and check images are retrieved. Criminals can then create high-quality counterfeit checks that are nearly identical in appearance, drawn for an amount that is appropriate for the account, and bears a scanned signature. Check 21 provides the right, but is not a requirement, to convert paper checks to digital images, drastically increasing the speed of check handling and collection. But experts worry that it may have unintended security consequences.
(Is this item miscategorized? Does it need more tags? Let us know.)
Format: HTML | Pages: 3
