TECHNOLOGY: Banks should have a better security system on checks

A friend got a check “washed” that had been mailed in a drop box, altered, and cashed.

Needless to say, they didn’t even conceive of such happening.

I suggested a few follow ups on what to do. 

First and foremost, immediately file a police report.

He’d notified bank and changed accounts Updated on the credit reporting agencies (transunion, experian, equifax, etc).

Then, he’s going to notify all the places he hold accounts.

Argh!

I think IMHO the banks should have the ability for account holders to “pre post” the checks they write with the check number and amount.  In effect, “write” it twice — once on paper and once on line.  Then if the check gets altered, the bank will no to reject it.  Seems simple enough to me and would be a great “value added service”.  I’d think it would be real popular with business.  After all the bank’s bill pay is almost that already.

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