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FinCap Friday: Don't Applaud Check Fraud Flashcards | StudBud

Explore/FinCap Friday: Don't Applaud Check Fraud

FinCap Friday: Don't Applaud Check Fraud

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Questions 5

Answers

1
What was the primary cause of the rise in check fraud over the past few years?
Checks stolen from the mail
People depositing large checks frequently
Viral social media trends
Increased use of ATMs
2
What caused the Chase Bank glitch in August 2024?
The bank allowed immediate access to funds before verifying checks
Customers used fake checks that weren’t detected
ATMs were offline, and checks couldn't be deposited
Checks were lost during the transaction process
3
Which two companies dealt with widespread check fraud in mid-2024?
TD Bank and Bank of America
Chase Bank and Fidelity Investments
Capital One Bank and Wells Fargo
CitiBank and PNC Bank
4
Which of the following is a key lesson after the mass check fraud incidents of 2024?
Avoid all trends, even if they may be legitimate
Social media is a reliable source for financial tips
Verify information from trusted financial sources before acting
Always try out new get-rich-quick schemes
5
What is check fraud?
Using or depositing a fake or altered check to withdraw money
Depositing a check from a friend
Depositing a blank check into your account
Writing a check without enough funds