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CNN
New Service Enables Consumers to Deposit Paper Checks Electronically
Online banking service provider CheckFree Corp. just rolled out technology that could mean consumers will no longer have to go to a bank branch to deposit checks. Called "Remote Deposit Capture", the technology has been around for years and lets people scan checks through their home computers and deposit them electronically. Until now, it has been used mainly for businesses. "Customers want to be able to deposit checks without having to go to banks", said Rod Springhetti, CheckFree's vice president of global strategic marketing, "and banks want to be able to offer that. I think the ability to remotely capture a check will become part of the standard features and functions of online banking." No word yet on authentication safeguards planned for this service, which might become a concern (see this recent ProofSpace blog entry on check fraud).
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CPA Insider
"Positive Pay" for ACH? Complicated, Expensive... And Not Here Yet.
Mary Schaeffer over at CPA insider reports that electronic fraud covers both automatic clearinghouse (ACH) credits and debits. In fact, it's the debits that can cause the problem. She says that with the right information, it's very easy to commit electronic payment fraud. And getting that requisite information isn't difficult. "Luckily, for now, crooks have not caught on and they still focus primarily on check fraud. This is not to say that electronic payment fraud doesn't occur today. It most definitely does -- just not as frequently as check fraud," Ms Schaeffer said. Many smaller businesses don't take the appropriate steps to protect their bank accounts because they don't make electronic payments. This is a big mistake. Unfortunately, a robust "positive-pay" product for the ACH environment is not universally available today. Positive Pay is expensive, and further complicated because some banks match the identities of those attempting to debit an account with those on the list provided by the company, and customers have to review exceptions manually before payment.
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CityNews (Toronto)
Businesses Depositing "Certified Checks" Get Burned
Canadian businesses suffered theft of more than $700,000 in electronic equipment, extensive credit card fraud, stolen vehicles and as much as $10 million in overall losses as a result of the work of one check fraud ring here, police said. Cops first became aware of the scheme last December, and they say the suspects set up a number of phony companies which appeared to be the real thing, and after gaining the trust of their "clients", would order large amounts of electronic merchandise. The purchases were paid for using certified checks which were later found to be counterfeit. But by then, the material had been delivered and the crooks who took it were long gone. As if that wasn't enough, cops say the men also rented a large number of expensive cars using the same M.O. Many were driven from the lot straight to a container, where they -- and the ill-gotten electronics -- were shipped overseas and resold.
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