Thu, Jul 16, 2015
Several credit unions recently reported that counterfeit cashier’s checks or corporate checks that closely resemble the credit union’s authentic checks have been presented for payment at financial institutions in connection with scams. The counterfeit checks often have slight alterations in check color, check stock, logo, or location of key credit union branding elements. In many cases the Routing & Transit Number (RTN) and MICR information is accurate. Front-line staff training regarding counterfeit checks, implementation of policies and procedures for check verification; and appropriate use of check holds are critical risk mitigation techniques.
Read FULL RISK ALERT HERE.