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Check kiting requires at least two accounts, and very often involves two or even three banks. The money rotates in a complete circular fashion between accounts. Hicks says a kite can take down a ...
Training Bank Tellers to Detect Check Kiting Check kiting is a form of fraud involving moving theoretical funds between two or more checking accounts. A check written to the criminal from one bank is deposited, and more importantly credited, to an account at a second bank.
The Federal Bureau of Investigation defines check-kiting as “a scheme which artificially inflates bank account balances, in accounts that are under common control, for purposes of obtaining unauthorized use of bank funds, through the systematic exchanging or swapping of checks between these accounts, in a manner which is designed to misuse the float that exists in the banking system.”
Check kiting is the deliberate issuance of a check for which there is not sufficient cash to pay the stated amount. The mechanics of this fraud scheme are as follows:. Write a check for which there is not sufficient cash in the payer's account.. Create a checking account at a different bank.. Deposit the fraudulent check in the checking account that was just opened.
Apr 01, 2019 · Check kiting is where a scammer takes advantage of the float to withdraw non-existent funds in a bank account. There are a number of possible indicators for kiting including a large number of check deposits, accounts with large proportion of uncleared cash by the paying bank and deposits through multiple bank branches.
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