And shouldn't banks catch this kind of thing?

Audit Says Union Lost $5 Million To Theft (washingtonpost.com)
Some of the checks Holmes cashed had been altered, with the name of the original payee -- such as Verizon or the D.C. treasurer -- crossed out and his name written in, the audit said. On one occasion, Holmes cashed a check for $20,000 and stuffed the cash in his pocket before returning to union offices, the audit said.