Altered Check

Altered Check

A check on which the name, amount, or other information has been changed in order to defraud someone. For example, one may change the name of the payee from John Smith to John Smythe, which will result in John Smythe receiving payment. The liability for funds lost on an altered check depends on which party involved displays negligence.
References in periodicals archive ?
A third felony charge, possession of an altered check with intent to defraud, is to be dropped under the plea agreement.
Court records show that the customer contended that Wachovia Bank should bear the loss because the altered check was not "properly payable" under Article 4-401(a) of the Uniform Commercial Code ("UCC").
At that time, the Indictment alleges, FELLEMAN and CHRISTI caused an altered check for approximately $320,000 to be deposited into the Fleet account FELLEMAN controlled and then dissipated most of the proceeds before Fleet was notified that the check was altered.
ASD is a provider of end-to-end electronic check fraud-prevention solutions that enable financial institutions to provide significantly enhanced counterfeit, altered check detection and positive pay capabilities to their corporate and middle-market business clients.
Advanced Software Design Corporation is a leading provider of end-to-end electronic check fraud prevention solutions that enable financial institutions to provide significantly enhanced counterfeit, altered check detection, and positive pay capabilities to their corporate and middle-market business clients.
Carreker Corporation (Nasdaq:CANI), a leading provider of technology and consulting solutions for the financial industry, announced that it has formed an alliance with Advanced Software Design (ASD) Corporation, a provider of electronic check fraud prevention products to offer an integrated solution that enables financial institutions to provide significantly enhanced counterfeit and altered check detection capabilities to their corporate and middle-market business clients.
Local Oklahoma Bank's Reconciliation and Internet Positive Pay offerings are the most effective tools on the market to help prevent check fraud by detecting altered check amounts, duplicate checks, and forgeries.
With SENTRY: UltraCheck, detection of chemically altered checks is automated, making it a much more efficient and practical preventative measure.
For cancelled checks it could be handwritten check endorsements, multiple endorsements, unsigned checks, or altered checks, Hall said.
It soon found that other stolen and altered checks, as well as counterfeit checks, were being negotiated against the company's account.
CheckStock, one of Parascript's newest fraud detection products, scrutinizes the placement of items on checks, allowing banks to identify even the slightest variations, minimizing acceptance of altered checks.