"Cheque Guard gives us the extra layer of protection against the potential vulnerabilities of
check fraud," he said.
"Unfortunately, many law firms don't have any kind of
check fraud protection because they worry about the workflow and cost involved," said Rick Kabra, CEO of CosmoLex, the maker of CosmoLex 2.0, the latest release of the cloud-based law office software that supports Positive Pay, a customer authorization system that greatly reduces the instance of
check fraud.
The Association of Certified Fraud Examiners estimates that businesses lost over $3 billion to
check fraud in 2014 alone.
Undoubtedly, vigilance to prevent or mitigate
check fraud remains a high priority for overall fraud prevention because the stolen amounts are sizable.
Youssef earlier served most of a 21-month sentence for using more than a dozen aliases while opening about 60 bank accounts as part of a
check fraudCiting a lengthy pattern of deception, US Central District Chief Magistrate Judge Suzanne Segal said Thursday that Nakoula Basseley Nakoula should be held after officials said he violated his probation from a 2010
check fraud conviction.
Nakoula was summoned in court after authorities said that he had violated his probation from a 2010
check fraud conviction, the Daily Mail reports.
It is designed to prevent and reduce the incidence of
check fraud, check kiting, deposit fraud, ATM fraud, ACH fraud, wire-fraud, debit and credit card fraud, anion" other fraud activities.
A 2009 American Bankers Association study estimates there were 760,955 cases of
check fraud in 2008 with actual losses estimated at $1.024 billion, compared to 561,306 cases and $969 million in 2005 (2006 ABA Study) and 616,469 cases and $677 million in 2002 (2003 ABA).
Positive Pay is a
check fraud loss-prevention tool that makes sure that every check paid out of a company's account matches its corporate check register.
Bernie Zadrowski, chief deputy district attorney of the
check fraud unit in Las Vegas, said his office was seeking to have Barber extradited and intends to prosecute him for writing bad checks, a violation of Nevada law.