OCC Warns National Banks on Risks Posed by Scams Involving Fraudulent Bank Cashier's Checks

GuidanceOffice of the Comptroller of the Currency (OCC)Anti-Money Laundering
Identity Theft
Information Security
Risk Management

The Office of the Comptroller of the Currency issued guidance today warning of the risks posed by scams involving fraudulent bank cashier's checks and describing steps national banks should take to protect themselves and their customers.

A cashier's check, which is issued by a bank and sold to a consumer or other purchaser, represents a direct obligation of the bank.

The guidance was issued in response to a growing incidence of scams involving cashier's checks. In most of these cases, individuals receive a cashier's check and are asked to deposit the check into their account, wait until funds become available and then wire some part of the funds from their account to a third party, often in a foreign country.

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