Key insight: St. Louis fraudster combined a decades' old scam with modern technology to abscond with $6 million from banks.What's at stake: Bank fraud works because the fraudsters move faster than banks can track them; modern tools turbocharge that advantage.Forward Look: Regulators are weighing changes to check-processing policies to better address fraud.Last Tuesday, a federal judge sentenced a St. Louis man to six years in prison for orchestrating a check-fraud ring that stood to defraud banks and custom ...

Key insight: Criminals exploited the banking system's "check float" period as a core part of the scheme.What's at stake: The scheme compromised the personal and financial security of individuals who now have ongoing fears about identity theft.Supporting data: Of the $1.2 million the criminals attempted to steal, banks only lost $22,000 to the scheme.Overview bullets generated by AI with editorial reviewA federal judge recently sentenced a Missouri man who orchestrated a check fraud operation using checks st ...