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Article: Attempted check fraud rises to $5.5 billion.(Focus: BANKING * FINANCE * ACCOUNTING * STOCKS * INVESTING LAW)(frauds)
- Article from:
- Westchester County Business Journal
- Article date:
- December 27, 2004
CopyrightCOPYRIGHT 2004 Westfair Communications, Inc. 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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Attempted check fraud at the nation's banks rose to $5.5 billion in 2003, according to the American Bankers Association Deposit Account Fraud Survey.
While attempted check fraud continued to rise, actual dollar losses remained relatively stable at $677 million, down slightly from the $698 million that banks lost in 2001. Banks' check fraud prevention systems were credited with keeping actual losses lower than the attempted fraud numbers. Attempted fraud totaled $4.3 billion in 2001.
While dollar losses decreased, the number of check fraud cases rose 3 percent to 616,469 cases in 2003. However, average losses per case fell from $1,163 in 2001 to $1,098 in ...