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Community banks and their customers continue to be challenged by a rise in fraud and scams across payment types.
As relationship bankers, community banks know their customers in real and meaningful ways. These relationships help prevent fraud on the front lines, promote access to fraud prevention surveys, and give customers a personal resource when they fall victim to scams.
Check fraud has emerged over the past several years as a leading concern. Mail theft, increasingly sophisticated mechanisms for altering paper checks and check images, and coordination problems among financial institutions have led to mounting losses for community banks.
This guide was developed by community bankers working together as part of ICBA’s Check Fraud Task Force. This document offers suggestions on when to contact regulators, how to frame feedback, and where to direct your communication based on the experiences of peer community bankers.
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This guide is a resource to help community banks both minimize the incidents of check fraud related to altered, forged, and counterfeit checks and take appropriate steps to recover funds or otherwise minimize loss, when it does occur.
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Understand the potential technology solutions and operational mechanisms that are available to community banks to detect instances of check fraud. This is a reference for community banks to evaluate tools and leverage internal practices to identify and prevent check fraud.
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ICBA’s Scott Anchin and David Long, Bryant Bank’s executive vice president, correspondent banking/capital markets, join host Charles Potts to showcase the efforts of bankers and ICBA alike and why ICBA’s check fraud guide can help fight this alarming epidemic.
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ICBA submitted a statement for the record for a Senate Banking Committee hearing on fraud and scams. The statement noted that community banks are uniquely positioned to prevent, detect, and mitigate check fraud.
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Letter thanking Acting Comptroller of the Currency Michael Hsu for highlighting the formation of ICBA’s Check Fraud Task Force and the Financial Sector Fraud Working Group.
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ICBA Education offers a variety of online course plans with courses that build knowledge and a strong foundation within key areas of the banking industry and professional development.
Fraud
Common Frauds and Scams
Consumer Lending Fraud
Elder Financial Abuse
Mortgage Fraud
Real Estate Wire Fraud Awareness
Check fraud has emerged over the past several years as a leading concern. Mail theft, increasingly sophisticated mechanisms for altering paper checks and check images, and coordination problems among financial institutions have led to mounting losses for community banks.