QChex an EASY avenue for CRIMINALS to carry on CHECK FRAUD......

Website Makes Bank Account Theft Easy
LAST UPDATE: 5/27/2005 9:22:10 AM

A website called Qchex is making it easy for criminals to drain your bank account. The site claims it can make sending and e-mailing check payments easy for anyone. But the Federal Reserve and Attorneys General in most states point out Qchex does very little to verify a user's identity. In fact, the website urges people to register their bank accounts so no one else can! And they say, quote, "Qchex does not endorse, guarantee, verify or investigate transactions undertaken by its members." Qchex is taking advantage of a legal loophole for banks, called Demand Drafts. Demand Drafts require no signature and are used by businesses who want to offer their customers to option of automatic withdraw of payments from a bank account. The only thing a person needs to print checks or send money from Qchex, is a working e-mail address and the information found on a check. That means paying your babysitter by check, would give him or her enough info to leave you penniless! Now, the Federal Reserve is calling for more restrictions on demand drafts. In the meantime, keep a close eye on your bank account. If you notice anything suspicious, report it immediately to your bank.

http://www.wkrc.com/heyhoward/story....2-111FD7DC7BDE