Just a few years ago most banks were not interested in developing an app that would allow their customers to deposit a check with their mobile phone. Now the vast majority of banks offer an app that allows their customers to do just that. It has been noticed however that there are some risks for the banks by allowing customers to do this.
Criminals are not all over this like one might think. Most banks have a limit of the mobile bank deposits being $3,000 or less, which is often not a large enough payoff for criminals. That does not mean however that all criminals are staying away, after all curiosity is a strong persuader.
There have been issues with some of the customers double depositing checks though. While some of those customers may have done it on accident, it is rather unlikely that all of the incidents where customers double deposit are accidents. This should not come as a surprise to anyone as most criminals are looking for new and creative ways to run scams so they can do it for longer before getting caught or having to stop so they won’t get caught.
Criminals can and probably are using this technology in some way to cheat the system. They can have a check in their hand, use the mobile deposit and then actually go to a bank with that same check. The same thing can happen with a money order.
All of this just shows the banks that they need to step up their anti-fraud efforts. The more people doing this the more these banks are going to lose money. When banks lose money it is not the bank that feels it but rather the customers of that bank. When the bank is losing money they do not just simply take the loss, instead the raise their rates and fees making their customers have to pay more, which makes up for the money that they were losing.
The same goes for companies. If they are paying their employees and their employees are double depositing and the company is losing money over it they too will pass the loss on down to their customers by raising prices for goods and services. This is a problem and the banking industry needs to find a way to prevent this from happening any more.
Criminals are everywhere and are going to try everything they can to scam people out of their money. Finding new and creative ways to do it makes it easier for them to get away with it for longer. Now that everyone has caught on to what they are doing, hopefully the end to it will be here soon. Criminals should not get away with it, the banks need to catch them in the act so they must pay up for what they have done.
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