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Elimination of Fraud

Fraud Threats

By definition, third-party confirmations are returned to the requestor and not the financial institution’s client, therefore, it is within the identity of the requestor/recipient that the ultimate exposure to fraud exists.

In case after case, paper-based processes are shown to be easily penetrated by purported fraudsters, especially when the process is so easy to circumvent. Select the threats below to learn more about how a fraudster can take advantage of the paper confirmation process:

  1. Return Address/Fax # Not the Client’s
  2. Return Envelopes Not Kept on File
  3. Incomplete Communication of Central Response Center
  4. No Penalty or Repercussions for Bad Requests
  5. Impractical if Not Impossible to Validate Signatures
  6. A Client’s Employee Provides the Accountants the Contact Address
  7. A Client’s Employee Provides the Accountants the Contact Name

To find out more, contact:
Dave Malone, Vice President Financial Institutions
Dave.Malone@confirmation.com
Phone: 1-888-716-3577