FTC closes Qchex

[Al Mac <macwheel99 () sigecom net>]

A federal judge granted the Federal Trade Commission's (FTC) request for a 
temporary restraining order against Qchex. The San Diego-based company 
allows customers to create and send electronic checks drawn on any bank 
account without verifying that drafter's authority to access that account. 
Fraudsters took advantage of the flawed electronic process by creating 
online, e-mailing, printing, and cashing false checks.

Victims include both unwary account holders whose accounts were debited, 
and businesses who accepted fraudulent Qchex checks as payment for goods 
and services.

[..]

http://www.itcinstitute.com/display.aspx?ID=2487


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