Check fraud has been plaguing the industry for decades with no end in sight. Fraudsters have been quick to find ways to exploit the current medical pandemic with EIP and vaccine scams and more. In fact, 74% of organizations in the 2020 AFP Payments Fraud & Control Survey experienced check fraud in 2019 compared to less than 40% in the wire, card and ACH payment methods.
On March 30, 2021, EPCOR will be hosting a webinar, Surviving the Check Fraud Pandemic, covering what to do when encountering check fraud situations. A few recent pandemic scams will be discussed, as well as how check law applies to certain check fraud situations. Learn what role your institution plays in a fraudulent situation to determine what warranty applies.
Many financial institutions believe that a check transaction can be returned for fraudulent activity at any time; however, checks only have a 24-hour return timeframe from the time the check is presented. Typically, most fraudulent situations are not detected or confirmed that quickly. This webinar will help your institution determine what actions can be taken once that precious timeframe to return has passed.
One of the check fraud schemes EPCOR kept hearing about last year had to do with counterfeit cashier’s checks. Yes, there are fraudsters out there taking your institution’s cashier’s check routing and account number and creating fraudulent checks. And guess what? You only have 24 hours to return these items as well. Join us on March 30th and together we will look at this type of fraud and what may be done outside the return timeframe. The EPCOR Alert Service will also be discussed which provides financial institutions an avenue to report check fraud as well as stay in tune to other fraudulent situations institutions are currently facing.
If check fraud has been a pandemic running through your institution, attend this webinar to seek ways to throw up your protective shield and prevent losses. I hope to see you there!