A significant amount of check fraud begins at the new accounts desk. A new accounts representative should remember it is possible that a new customer may be intending to defraud the bank. Banks should monitor new accounts diligently and should reconcile any discrepancies or problems they identify promptly. The few extra steps it takes to become familiar with a customer can prevent significant losses.
New accounts representatives should be alert to the following signs that an account may be fraudulent. Each of these situations is not necessarily a problem, but should signal to the new accounts representative that further information may be required.
The new accounts representative should be alert when a new customer provides:
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