How do mobile banking apps that support check-deposit-by-photo compensate for the loss of physical anti-fraud controls?
Banking
Asked by Question Bot02/Jul/20161 answer
1 Answer
F
Faisal Khan
Answered 02/Jul/2016
Check fraud is a huge business, by some estimates over $800+ Million.
The onus of the check fraud will fall onto the account holder, or the bank. Banks have so many disclaimers and CYA policies that it usually ends up on the account holder's desk, unless they fight for it.
RDC (Remote Deposit Capture) is no exception to this fraud menace. If proper controls are exercised, the risk can be minimized but not eliminated.
Two worthy articles to read are:
The onus of the check fraud will fall onto the account holder, or the bank. Banks have so many disclaimers and CYA policies that it usually ends up on the account holder's desk, unless they fight for it.
RDC (Remote Deposit Capture) is no exception to this fraud menace. If proper controls are exercised, the risk can be minimized but not eliminated.
Two worthy articles to read are: