ST Alpha - "There are several banks that take scanned checks (though this is the first I've heard of an iphone app). I have no idea how this isn't ripe for fraud" (Reading a Post)

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There are several banks that take scanned checks (though this is the first I've heard of an iphone app). I have no idea how this isn't ripe for fraud

Posted by pmb (aka pmb) Aug 10 '09, 13:16

Scan check. Money into your account. Take same check deposit elsewhere.

Responses:

which is why banks have a waiting period for funds to become available in your account. -- nm - znufrii Aug 10, 13:37 3
- Generally a shorter period of time than the reality of this problem would become apparent. -- nm - pmb Aug 10, 13:40 2
  - not necessarily, with all-electronic clearing. I've deposited checks where the money is out of their account within 24 hours - znufrii Aug 10, 13:42 1
    - This kind of fraud would be more difficult to detect (and that's a pretty long time for clearance you've experienced. Usually it's just a fixed - pmb Aug 10, 13:53
Well, USAA doesn't allow anyone to join and I'm fairly certain that their @homedeposit isn't a feature anyone gets - GWAA Aug 10, 13:26
You'd be pretty easy to track down, no? -- nm - Reagen Aug 10, 13:18 4
- Fake names. Take your cash and run. Not sure how much easier it would be to track down than others who write bad checks and such. -- nm - pmb Aug 10, 13:23 3
  - would have to be very elaborate. you would need solid fake credentials to beat the bank(s) and AT&T and Apple - decline Aug 10, 13:25
  - but you're still depositing it at least once through your iPhone, which presumably has to be connected to a real bank account and a real person. -- nm - Reagen Aug 10, 13:24 1
    - Many check frauds involve simply moving faster than the system rather than out thinking it. It takes time for the multiple checks to hit the account - pmb Aug 10, 13:30

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