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Looting Via Mobile Remote Deposit Capture

Monday, June 17, 2013 - 8:09 AM
From The CreditUnion Times:
... [A certain individual] suddenly has many mouths in banking security making worried sounds.

That’s because the Louisville, Ky., man apparently used mobile remote deposit capture and a Bank of America account to deposit 32 Western Union money orders that he also cashed out at a Kroger. That means he used mobile RDC to in effect double his money.

All in all, [he] made off with $12,620, according to police reports.

And this theft now is reigniting old fears that mobile RDC could easily be harnessed by crooks intent on double dipping with the same financial instrument.

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The problem here is that there is a time delay (latency) in the communication between institutional systems about the status of a deposited item. 
pearlbrownpearlbrown1,473 posts since
Nov 2, 2010
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