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The bank would ask for the account number, the name on the check, the amount and the check number and just look up the account. Due to banks issuing privacy policies [8] [9] designed to protect identity and fraud, telephone merchant funds verification by calling the bank directly is now rare for any bank or credit union to offer this service. [10]
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Yesterday, a glitch in Chase Bank's system allowed people to withdraw funds they weren’t entitled to, prompting the bank to place 7-day holds on the affected accounts.
Fake check deposits are a common form of check fraud and are not new, although the chaos of this weekend saw many online discover the tactic for the first time — and mistaking it for a money hack.
When the bank considers the funds available (usually on the next business day), but before the bank is informed the cheque is bad, the paper hanger then withdraws the funds in cash. The offender knows the cheque will bounce, and the resulting account will be in debt, but the offender will abandon the account and take the cash.
2. Confirm the Bank’s Contact Details. Go online to the bank’s website to look up their contact information. Do not use any information printed on the check.
Chase Bank said it was reviewing incidents of individuals who may have participated in an online check fraud "glitch" trend and referring them to law enforcement authorities.
Telephone number verification (or validation) services are online services used to establish whether a given telephone number is in service. They may include a form of Turing test to further determine if a human answers or answering equipment such as a modem , fax , voice mail or answering machine .