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Payroll check fraud came calling four days before Christmas. A branch of our main bank called and wanted to verify a check. The young lady who took the call in our office quickly

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

realized that the check was out of sequence and for a person not on the client's payroll. The check was cut on our trust account. I spoke to the bank employee who had called us.

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

hey were stalling the person by having then fill out an account application, more about that later. I took the location of the bank and called the local police department. Of cour

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

se I didn't have the right exact city and had to make an additional call. The police finally were dispatched to the grocery store where the branch bank was. The woman trying to ca

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

h the check was gone. But the police were fairly sure that they would apprehend her soon. Next day she tried to pass a check on someone else at a different bank. The police were c

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

alled and she was arrested and turned over on a filed warrant to the police I had called. They had issued a warrant the same day she cashed a check on us and had given the bank as

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

art of the paperwork a copy of her real drivers license. No one ever claimed crooks were smart.

She had cashed eight checks on our account for about eight thousand dollars total.

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

Checks under a thousand dollars are easier to cash.

We have a very sophisticated check with all kinds of safeguards against fraud. Special paper, void pantographs, MICR lock, warn

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ng legends, artificial watermarks, colored paper and more. So what happened. The scammer and her cohorts simply copied the information including the MICR information on to new che

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

ck stock. They actually didn't need a real check; they could have used a copy. They however changed the identifying information for the particular employee the original check was

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ssued to. We currently have not been able to identify that person but we probably will in the end. The scam artist would not have changed the information if they were not interest

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ed in protecting the person whose check it was originally. There was no way to make the information on the check not available to the scammer. The employee, the employee's bank an

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

our bank need all that information. So what do we do in the future to prevent this? Positive Pay.

Positive Pay is where we now report every issued check to the bank. They keep

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

a list of the check number, date issued, amount and Payee. Also whether that check has ever been presented before. Any check being cashed at a branch is verified against that list

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

before being allowed to clear. Every check being presented to the bank is verified against that list before being accepted for clearing. This should stop checks like this from bei

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ng cleared in the future. It will not stop scammers from creating them. There is easy availability of check stock and MICR ink and printers. This may seem like a slam duck to sca

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

mers but we are not worrying as much now with Positive Pay in place.

How do you stop this completely? 100% Paperless Payroll! If you are not issuing checks there is nothing for a

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

scammer to create or cash. I have not seen where a scammer has been able to get into the Federal Reserve and NACHA to be able to create fraudulent ACH deposits to their accounts.

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

Even then they would be a lot easier to trace and track down. The scammer would have to be bank customer and have been verified by the bank when they set up an account. For employ

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ees without bank accounts Payroll Debit Cards work just fine.

We of course have every intention of assisting the local DA in the prosecution of this person and her cohorts in crime

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Point of sale (POS) systems have become part and parcel of every business venture: restaurants, retail outlets, supermarkets, bars, online shopping, mobile payments, or even touch-screen information systems. Businesses still using manual cash registers and account books will be far behind in the race for profits. Electronic management of inventory and sales has become essential for survival in the modern computerized world. Budgets and profits have to be recorded error free and be easily accessible for proper business planning. Getting a POS system is indeed the need of the hour.

If you are a business person and you need a bank or banks for your small business, or you are managing the family budget, here are some aspects and guidelines you have to consider when choosing the right bank/banks for you:

Recently class action lawsuits have been on the decline in the number of filings but an increase in the cost of settlement. This article is part one of a two part series that will explain the reasons for decline in the filings then the increase in settlement costs.

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