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The movie Catch Me If You Can is based on a true story that in 160s Frank Abagnale Jr. impersonated a co-pilot, a doctor or lawyer spanning 50 states and over 0 foreign countries, while forging and cashing more than .5 million worth of fraudulent checks.Whereas he was only 16 years old, he became the youngest con man. The most impressive part is that Mr. Abagnale became one of the most respected authorities on the topics of forgery, embezzlement and documents security.As we know, check fraud is growing dramatically, as computers, laser printers and color copiers are available and Regulation CC, which reduces the time banks are allowed to hold deposited funds as uncollected itemsonly two days for local checks and five days for out-of-town checks, is adopted. Therefore, how to prevent and detect check fraud is the one of the most popular subjects in accounting, auditing and legal field.
Check fraud describes a number of activities including
1. Check Kiting involves opening multiple checking accounts so that checks from one account are written to cover checks from another account
. Counterfeiting creates or duplicates checks or removes some information on a check in order to replace with other information Write my Essay on The legal problem of The Movie Cache me if you can for me
. Forgery includes two common types. One is that stolen checks can be endorsed for payment at banks using false identification documents. The other type is that employee issue checks without authorization.
4. Paperhanging describes intentionally writing checks on closed accounts or reordering checks for closed accounts.
As Frank forged a lot of airline payrolls, con men view corporate payroll and accounts payable department as great targets. But fraud actually occurs in every business no matter what type it is.Before 1, banks had full responsibility in check fraud incidents. However, the current UCC code specifies respective responsibilities for banks and companies on check fraud cases. In other words, UCC shifted some of the burden of check fraud prevention to companies, which means that companies have to exercising ordinary care by following commercial standards to prevent check fraud. For example, it is the responsibility of companies to ensure that bank statements are received, reconciled and reviewed in a proper and timely manner. That is, if companies do not exercise ordinary care, it is the companies' negligence which causes check fraud. Clearly, companies and banks should work together to prevent check fraud.
The most effective way to stop check fraud is to prevent it. Companies should take strong internal control on various check procedures.
1. Write the payee line in full. For instance, payers should write Internal Revenue Service rather than IRS so that a check forger cant change IRS to MRS
. Remember the Federal Reserve code number that is printed on the check. The code is the first two numbers of the routing code. Each of the 1 Federal Reserve banks in the United States is assigned a number. If some check has a different route code, the check is suspicious.
. Reconcile bank statements and report any losses quickly, which is the most important fraud prevention step any company can take. Statements should be reconciled no longer than 0 days after receipt and reconciliation must be performed under separation of duties
4. Separate all accounts receivable and banking functions to prevent dishonest employees from issuing checks to themselves, removing them from bank statements and adjusting account records to hide the theft.
5. Use secure check stock and maintain tight security over the check stock
6. Observe whether employees change lifestyle abruptly
7. Destroy obsolete check stock. If old checks from a closed account are stolen from a company's check stock and passed on to a third party, the company would likely be considered negligent and held responsible for any loss.
8. Restrict access to vendor and personnel master file records. Supervisory approval and supporting documentation should be required for changing or adding new vendors or employees. This step will preventdishonest employees from writing checks payable to non-exist vendors or employees
. Establish mandatory vacation policies while every employee is required to be out of the office and without transaction control for at least one week each year, especially employees with access to financial assets or records, other employees probably find the misrepresentation in the accounting records.Besides, rotating employees who work in financially sensitive areas is a good way to find embezzlement
10. Conduct periodic audits. Surprise audits, conducted by independent experts in systems and theft detection, should be conducted to ensure that your control functions are working properly
11. Use bank services such as "Positive Pay," and signature verification systems to protect accounts payable, payroll and accounts receivable activities
1. Review all hiring procedures. Utilize a background checkfor employees working in vendor assignment, check issuance or check reconciliation areas
In sum, if every company adopts the above-mentioned means to control checks, the losses due to check fraud will be reduced to the low level.
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