Despite the increased efforts of the FBI and police anti-fraud units, counterfeit document fraud continues to increase.
Check and money order fraud accounts for more than 60 percent of fraud against financial institutions. For more information on criminal enterprises, click here to view an article from The FBI Law Enforcement Bulletin.
Fraud involving secure financial documents is generally committed in one of three ways:
Forgery: To avoid suspicion and prosecution as a felony, most forged checks are usually written for under $300 and cashed at businesses that have looser security controls. This type of fraud is generally conducted after blank personal, business or payroll checks are stolen.
Paperhanging: This scam involves reordering or writing checks from closed accounts. Writing checks at retail locations for more than the amount or making a fake deposit at a bank to get cash back are the most common appearances of this type of fraud.
Counterfeiting and Alteration: This is the most prevalent type of fraud plaguing financial institutions and check-cashing businesses alike. Counterfeit checks and money orders are created by using regular office equipment (computer, scanner, desktop publishing software, digital printer) or by duplicating the document with photocopiers. Additional altering techniques are also being used too. Technological improvements have made it easy for fraudsters to produce high quality counterfeits and make it increasingly difficult for law enforcement to combat the problem.
For more information on types of fraud from the Association of Certified Fraud Examiners (ACFE), click here.
Most check frauds originate from crime rings that has access to the equipment needed to create the fraudulent documents. The crime ringleader generally handles the production and uses a group of people to execute the crime by redeeming the document at check-cashing business. For more information on types of fraud involving the use of checks, money orders and other loan scams, click here.
Each year the amount of fraud that occurs is increasing. VOIDX was developed to combat fraudsters who engage in the counterfeiting and altering of secure documents.
Due to the secure nature of these products, contact
President, Bob Kenehan, at
312.263.1569 or bobk@dbpchicago.com.
VOIDX was developed and is produced by dbp|chicago
4849 N. Milwaukee Ave. Floor 5 / Chicago, IL 60630 / 312.263.1569 / www.dbpchicago.com / info@dbpchicago.com
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