Question: In altered payee schemes, the perpetrator changes the name of the intended third party and negotiates the check himself. This can be done by adding

In altered payee schemes, the perpetrator changes the name of the intended third party and negotiates the check himself. This can be done by adding a second payee or changing the original payee’s name. What is the best method for detecting this type of fraud?

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The best way to detect an altered payee scheme is to include as part of the bank reconcili... View full answer

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