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Fraudulent Abuse of Remote Deposit Capture
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Journal Article
Fraudulent Abuse of Remote Deposit Capture
2016
Overview
Subsection 163.3(2) of the Bills of Exchange Act, which is a part of the amendments made in 2007 to enable electronic presentment,3 provides that once the drawee bank pays the official image of the cheque upon electronic presentment, both the image and the original are discharged.4 I drafted that rule on the basis of instructions that the images would be created by or on behalf of banks by professional payments service providers in a secure environment, by bonded employees, and destroyed within a short time thereafter. [...]if the customer fails to destroy the original, and uses it instead to create a new image for a different deposit; or if the original is negotiated to a good faith purchaser for value and without notice of the prior dealings12 (i.e., a person who would, but for the avoidance of the cheque, be holder in due course) the bank must be liable for whatever damage is caused.
Publisher
HAB Press Limited
Subject
