Following the disbursement of commission checks for one of our valuable contracting companies, the CMS Check Fraud Prevention Department was alerted to a potentially fraudulent check. A commission check that was originally written for $300 was deposited as a $13,000 check.

The same check did not meet CMS' required security qualifications for each check prior to being funded or cashed. In this case, the account numbers were intact; however, the other elements of the check had been modified.

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CMS, with its integrated proprietary technology, was immediately alerted when the perpetrator tried to deposit the fraudulent check into his account. Without delay, CMS electronically denied the check and alerted the fraud department at the bank.

The CMS system not only stopped the $13,000 loss, but it detected the first of many fraudulent checks that were set to draw upon the same account for an additional $200,000.

With the CMS security system in place, the possibility of the domino-effect loss was terminated immediately. According to the bank that received the check, the detection speed of the fraud was faster than their own system.

If the company had processed and distributed the checks on their own, they could have lost over $213,000; an irreplaceable loss that could easily ruin most businesses.

• ATA Management Conference & Exhibition New Orleans; October 4-7
  

• The MCAA & NTLA Executive Roundtable Series
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We are working to better inform the Independent Contractors about the extent of their benefits, including vendor discounts for travel, health/ wellness, businesses and health insurance, we are sending posters to the locations of contracting companies to begin our membership awareness program.

Check fraud is one of the largest challenges facing businesses and financial institutions today.

With the advancement of computer technology, it is increasingly easy for criminals, either independently or in organized gangs, to manipulate checks in a way that can deceive innocent victims expecting value in exchange for their money.

A significant amount of check fraud is done by counterfeiting through desktop publishing and copying to create or duplicate an actual financial document, as well as chemical alteration, which consists of removing some or all of the information and manipulating it to the benefit of the criminal.

More than 500 million checks are forged annually, with losses totaling more than $10 billion*. Some sources claim a total of $20 billion.

Losses from check fraud will grow by 2.5% annually in the coming years*.

An average of 1.4 million fraudulent checks were written daily worth $27.3 million*.

Check fraud and counterfeiting are among the fastest-growing problems affecting the nation's financial system; producing estimated annual losses of $10 billion and losses continue to rise at an alarming rate annually*.

*Data provided by Ernst & Young covering multiple years

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