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").
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.
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.
d/b/a Metrol, (28) is an unpublished Arizona appellate court decision where the insured contended that the Employee Dishonesty coverage limits of $50,000 of Employees Mutual's policy applied to each of the 284 separate occasions of forged or altered checks
occurring over a five year period totaling $584,000.
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.
The court concluded, however, that Travelers would not he entitled to reimbursement of amounts mistakenly paid for the six altered checks
The best defense against altered checks
If there are any irregularities with the checks being presented for payment such as counterfeit, duplicate or altered checks
, the corporation is notified of the possible fraudulent document to determine how it should be handled.
The Office of the Comptroller of the Currency has identified the two most common forms of check fraud: altered checks
, where the payee or amount has been changed on what was a legitimate check, and counterfeit checks that look legitimate and are drawn on valid accounts but cashed by someone using fake identification.