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Check fraud results in roughly $26.6 billion in losses annually, according to Nasdaq's Global Financial Crime Report. In 2023, 80% of such fraud took place in the Americas, according to the report.
Pusateri added that the bank is “open to pursuing other individuals or entities we believe engaged in bank fraud.” JPMorgan Chase is the biggest US bank by assets, with roughly $3.5 trillion.
While the total across the four cases—all withdrawn after a deposit of forged or counterfeit checks—came to more than $661,000, a significant portion of that comes from just one case.
There are three main types of cheque forgery: [1] (a) Counterfeit. This is a cheque that has been created on non-bank paper to look genuine. It relates to a genuine account. (b) Forged signature. The cheque is genuine, but the signature is not that of the account holder. (c) Fraudulently altered.
The fake check can present either as a personal or cashier's check. The scammer then requests that the victim pay them the excess between the intended amount and the amount on the check. [ 2 ] After the victim does so, they discover that the scammer's check was fraudulent, losing their money.
Financial scams are an unfortunate reality of life for consumers. According to the Canadian Anti-Fraud Centre, Canadians reported $530.4 million (CND) in financial fraud losses in 2022, a 170.2% ...
Get-rich-quick schemes are extremely varied; these include fake franchises, real estate "sure things", get-rich-quick books, wealth-building seminars, self-help gurus, sure-fire inventions, useless products, chain letters, fortune tellers, quack doctors, miracle pharmaceuticals, foreign exchange fraud, Nigerian money scams, fraudulent treasure hunts, and charms and talismans.
Here are some tips for avoiding scams and protecting yourself from cashier’s check fraud: Avoid work-from-home jobs, and especially mystery shopping jobs, that require you to make deposits, wire ...