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  #1  
Old 01-30-2009, 01:33 PM
Kuan's Avatar
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Wow! Counterfeit Check like in the Movies!

Can anyone say Mission Impossible?

http://financialservices.house.gov/banking/5197chow.htm

Quote:
Chemical alteration is commonly referred to as "check washing". Check washers use a variety of acid-based chemical solutions to erase amount and payee information, while maintaining the integrity of the preprinted information. The check is then dried and altered with a new payee and significantly higher dollar amount before being presented for payment. One particular acid-based solution even allows for the alteration of a check and subsequent destruction of the evidence. In this instance, the check must be altered and negotiated immediately, as the chemical solution causes the paper to disintegrate within twenty-four hours, leaving no supporting evidence of the transaction.


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  #2  
Old 01-30-2009, 01:40 PM
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Quote:
Originally Posted by Kuan View Post
Doesn't work too well...most checks are being scanned/stored AS they are being presented to the tellers or at the POS - they store the image and they actually give you the paper back...the money is actually debited from your account before you even have the check back in your possession...
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  #3  
Old 01-30-2009, 01:49 PM
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The washing occurs before the bank first sees the check.

Typically, washers steal checks by looking for residential mailboxes with the flags up. They then alter and cash them.
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  #4  
Old 01-30-2009, 01:54 PM
LUVMBDiesels's Avatar
Dead on balls accurate...
 
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It seems to me that stealing checks out of a mailbox, say ones written to Discover Card and changing the payee is feasible. This makes me nervous...
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  #5  
Old 01-30-2009, 01:57 PM
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Quote:
Originally Posted by Matt L View Post
The washing occurs before the bank first sees the check.

Typically, washers steal checks by looking for residential mailboxes with the flags up. They then alter and cash them.
I was referring to the evidence of the fraud...if the chemicals destroy the paper 24 hours after it has been applied, in order for the fraud to occur, the paper has to be "good" for the mark to take it...and in the case of stores/banks/POS outlets, the transaction is recorded (stored electronically) and the paper (frauded check) is handed right back to the perpetrator...

This might have worked about 5 years ago, or still works in the outbacks of Arkansas or the swamps along the coast, but still, I don't think I'd want "Bubba" looking for me 'cause the paper I gave him is crumbling in his hand...I like it when pork squeals...not me!
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M. G. Burg
'10 - Dakota SXT - Daily Ride / ≈ 172.5K
.'76 - 450SLC - 107.024.12 / < .89.20 K
..'77 - 280E - 123.033.12 / > 128.20 K
...'67 - El Camino - 283ci / > 207.00 K
....'75 - Yamaha - 650XS / < 21.00 K
.....'87 - G20 Sportvan / > 206.00 K
......'85 - 4WINNS 160 I.O. / 140hp
.......'74 - Honda CT70 / Real 125

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“I didn’t really say everything I said.”
. . . . . . . . . . . . . . . . . . ~ Yogi Berra ~
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  #6  
Old 01-30-2009, 05:22 PM
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Quote:
Originally Posted by mgburg View Post
I was referring to the evidence of the fraud...if the chemicals destroy the paper 24 hours after it has been applied, in order for the fraud to occur, the paper has to be "good" for the mark to take it...and in the case of stores/banks/POS outlets, the transaction is recorded (stored electronically) and the paper (frauded check) is handed right back to the perpetrator...

This might have worked about 5 years ago, or still works in the outbacks of Arkansas or the swamps along the coast, but still, I don't think I'd want "Bubba" looking for me 'cause the paper I gave him is crumbling in his hand...I like it when pork squeals...not me!
Of course. I missed that angle.

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