News - Meetings of 7:22 Breakfast Club

May 25 2005

Submitted by Rick Carlson

Executive Announcements

A second reading was held for Sue Brooks, proposed new member of the Club.

The River Cruise Tour will take place on Thursday June 2nd 2005. Please meet behind the Mendel Art Museum at 6:15 p.m. sharp.

The Club will have a Ribs Barbeque at Debbie Oliver's home , 230 Avondale on July 23rd.

Social Announcements

Don't forget about our River Cruise Night and Supper on June 2 2005 (Mike Jenkins organizing) and Mystery Location Golf Tournament on June 22nd 2005 (Don Johnson organizing).

General Announcements

None

Speaker | Brian Adams | TD Canada Trust

Brian is a Manager of Business Banking Services at the TD.

Brian spoke first about cash management services offered by banks in general, such as debit card transactions, online credit card payments, internet banking, electronic funds transfers, pre-authorized payments, etc. He then moved on to speak about banking fraud.

Banking fraud is on the rise in Saskatchewan. Brian feels that this is partly due to fraudsters in larger centres being pushed out so they come to smaller communities such as Saskatoon to run their schemes. He states that about 62% of Canadian adults have suffered from some sort of banking fraud, whether cheque fraud, illegal use of someone else's credit card, etc. He states that 1.2 million NSF cheques are presented each day for payment in North America. Some are tendered with fraudulent intent and others are not.

Personal Identity Theft has increased by 80% over the last year. It affects 3.4% of banking customers in the USA.

Some fraudsters create counterfeit cheques. Some go so far as to use magnetic ink and are extremely difficult to detect. A common scheme is to alter the cheque amount or name of the payee. Signatures on cheques or signatures on endorsements are also forged.

Brian suggested that if anyone wishes to read more about this topic they can go to http://www.abignale.com. This is the website of a former con artist who later made his fortune working for law authorities. His character is the subject of the movie "Catch Me if You Can" with Leonardo DiCapprio and Tom Hanks.

Brian closed by discussing various steps you can take to avoid fraud, including checking your bank account activity over the internet daily. He states that most banks will only cover you if notified within 24 hours of a forged cheque being posted to your account. Waiting until your bank statement arrives will be too late.

Banks are also using more sophisticated software to flag transactions out of the ordinary on bank accounts or credit services. You should make use of micro encoded cheques for security. Also follow prudent procedures in your business by having one person creating a cheque, another signing it and another performing reconciliations. Review your insurance to see if it covers fraud by employees or others. Subscribe to fraud protection services offered by banks, such as the ability to receive a list of cheques the bank proposes to clear each day and seeking your prior authorization.

Sergeant at Arms

Milt Taylor gave out several fines.

Hidden Hand

None

Pot of Gold Winner

None

Other Business

None

Next Meeting

2005-06-08 (7:22 a.m.)


2017 Meetings

August 23
September 13 & 27
October 11
Thursday, October 26
November 8 & 22
December 13

Socials

___

News

___