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Article: Check fraud study released.(Strictly Business)(Brief Article)
- Article from:
- The Mississippi Business Journal
- Article date:
- December 6, 2004
CopyrightCOPYRIGHT 2004 Dolan Media Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- Attempted check fraud at the nation's banks rose to $5.5 billion in 2003, according to the latest American Bankers Association (ABA) Deposit Account Fraud Survey report.
While attempted check fraud continued to rise, dollar losses remained steady at $677 million, down slightly from the $698 million lost in 2001, the last year of the ABA's biennial report. Banks' check fraud-prevention systems were credited with keeping losses lower than the attempted fraud numbers. Attempted fraud totaled $4.3 billion in 2003.
While dollar losses decreased, the number of check fraud cases increased 3% to 616,469 in 2003. However, actual losses per case ...