Wednesday, June 29, 2016

Using Certified check definition in fraud cases

What is Certified check definition ?

Certified check

Certified check definition is customer's cheques stamped with the paying bank's guarantee that the maker's signature is genuine and that there is enough money available in the older’s account to cover the amount to be paid. Certified check definition is liabilities of the bank and, when paid, are kept by the bank. These Certified cheques are immediately charged against the customer's account by debit memorandums. Some bank certified check permit customers to retrieve the original cheques by surrendering the debit memorandum.

Another certified check definition is also called cashier’s cheques. Certified check definition are cheques that have been issued and certified by a bank with itself as the drawer. These items are called treasurer’s cheques when issued by a trust company. Cashier's cheques are frequently an excellent lead to other bank accounts, stock, real property, and other assets. Because certified check definition can be held indefinitely, subjects sometimes purchase cashier's cheques instead of keeping large amounts of currency on hand.

To reconstruct a subject’s transactions with certified check definition, the fraud examiner must be sure that all Certified cheques are accounted for because subjects sometimes exchange previously purchased Certified cheques for new ones.

Bank cheques, such as cashier’s cheques, certified cheques, can be extremely time-consuming and expensive to locate unless the fraud examiner knows the date and number of the cheque. However, if the subject has deposited a bank certified cheques into his account or purchased a bank cheque using a certified check definition from his account, copies of bank certified cheques are much easier to obtain because the subject’s account records will reveal the date and number of the bank cheque.

Abdo Mounir

About Abdo Mounir -

Senior Manager and fraud examiner in mining industry. Head the investigations related to fraud. My role includes driving the culture of integrity And ethics within the Company by conducting regular fraud investigations.

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