This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
05/28/2020
S&T REPORTS POTENTIAL LOSSES OF MILLIONS IN CHECK KITING SCHEME
WCCS Radio
Indiana-based S&T Bancorp and its subsidiary, S&T Bank, have filed formal notice with the U.S. Securities and Exchange Commission in which the bank says it may have been victimized by a business customer, with losses that could total tens of millions of dollars.
S&T says the customer, which it does not name in the filing, used a “check kiting” scheme which resulted in returned deposits totaling about $59 million. Check kiting relies on a bank taking several days to determine that a check was written on insufficient funds, while the customer has access to the funds the next business day. It can involve one bank or multiple banks.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information