A $15 million check-kiting scheme defrauded top-tier institutions, including Bank of America, JPMorgan Chase, U.S. Bank and Wells Fargo. Experts say check fraud continues to be one of the banking industry’s greatest pain points. Federal authorities in California arrested 14 of the 15 individuals charged for roles they allegedly played in the scheme. The scheme involved “processors” who fabricated fake checks ranging from $2,300 to more than $28,000, prosecutors say.”]
Source: https://www.cuinfosecurity.com/banks-struggle-to-fight-check-fraud-a-6851