Mainebiz

W W W. M A I N E B I Z . B I Z 19 N OV E M B E R 2 7 , 2 0 2 3 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E director of enterprise fraud services at KeyBank, a large Cleveland-based bank with 32 offices in Maine. To protect customers' accounts, KeyBank uses strong online sign-on requirements and security alerts on widespread fraud activities that the bank urges clients to review. "Imposter scams, identity theft and synthetic iden- tities are all things we see," Bell says. "We advise clients that they have to be aware and extremely diligent about protecting their personal and bank information, and not fall for online or telephone scams." KeyBank also recommends shredding old checks, ATM receipts and bank statements before discarding them. NO OTHER LENDER DELIVERS MORE FOR YOUR MONEY. Discover more than a lender. More than just lending money, Farm Credit East is focused on your business success. That's why, along with competitive rates and terms, we feature ag business services with the expertise to help you find profit, save money and protect your legacy. Nobody is more committed to your business needs . farmcrediteast.com 800.562.2235 Loans & Leases Financial Record-Keeping Payroll Services Profitability Consulting Tax Preparation & Planning Appraisals Estate Planning Beginning Farmer Programs C O N T I N U E D O N F O L L OW I N G PA G E » Examples of check fraud and scams Check washing: When thieves steal checks — for example, from a mail- box — and use chemicals to "wash away" or erase the amount and payee but leave the signature intact; in some cases, the perpetrator fills in a higher amount. Check cooking: Similar to check washing, except the criminals scan the check and use software to alter it before printing a counterfeit version. Check kiting: Writing bad checks and "playing the field" of banks. In one example, the perpetrator would write a bad check from Bank A and then temporarily cover that amount by writing a bad check from Bank B and depositing it into Bank A. Paper hanging: Intentionally writing a bad check to take advantage of the time a check takes to clear, which is known as the float time. Check theft and forgery: Instead of altering a stolen check, criminals might steal or print blank checks and then forge a signature. Fraudulent prizes: A mystery person or organization sends someone a check for "winning" a sweepstakes or lottery and instructs the recipi- ent to send money to cover taxes, shipping and handling charges or processing fees. As more than one banker notes, "If it sounds too good to be true, it probably is." Overpayments: The perpetrator "accidentally" overpays for a service via check and asks the recipient to refund the balance. S O U R C E S : Experian, Federal Trade Commission

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