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New Fraud that Involves Counterfeit Checks

An international vendor for secure services pertaining to web-access, Trusteer has unearthed one new case of fraud wherein data harvested through malware and phishing assaults is exploited for creating counterfeit business check books that are customized to suit their buyers' requirements The scam's countries-of-origin are China, UK and USA.

The forged bank checks that undergo scanning via computer systems having state-of-art printing devices, paper and ink are each sold for $5. The criminals supply these checks whose means for preparation are, however, filched bank account and other details the buyers want.

These details -the actual account-owner's name, account number, check number, routing code along with address- are like always acquired after the scammers have physically handled the circulating check as also scanned it.

The process, which enables fraudsters to obtain the Internet login details for conducting a banking transaction (via phishing and malware), is a way that gives the criminals access to someone's financial account and thereby help in carrying out check fraud. Needless to say, the fraudsters must ensure the latest balance amount in the account before supplying the readymade counterfeit check.

Even though check fraud isn't that inexpensive as certain other kinds of fraud, Trusteer stated that given the criminals readiness for incurring the required cost, it undoubtedly showed that check fraud, which most necessarily required filched credentials, was worthwhile.

Usually, counterfeit check makers craft account payee checks that enable to purchase goods from retail centers. They don't craft self or bearer's checks for cash redemption. Besides, it's necessary that counterfeit check users have with them matching cards with the fake identifying credentials. Even these fake credentials are obtainable from the counterfeit check sellers.

According to CTO Amit Klein of Trusteer, the counterfeit check business represent the most recent instance wherein criminals through phishing-malware combination can have more effective bank account thefts than physically stealing check papers. The strategy is yet ahead of the greatest of all systems that detect fraud through the Internet or within the real world, Klein warns. Finextra.com published this dated April 24, 2012.

Conclusively, financial account owners require being alert of the new counterfeit check fraud.

Related article: New Zealand Releases Code To Reduce Spam

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