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Article: Check fraud rose 136% over two years, ABA finds. (American Bankers Association report)
- Article from:
- American Banker
- Article date:
- December 1, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, 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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WASHINGTON -- Check fraud at banks is soaring as counterfeiters enter the computer age.
The American Bankers Association reported Wednesday that check fraud swelled by 136% in the two years through 1993, to 1.27 million cases.
Bank losses from check fraud jumped 43% to $815 million during the two-year period, the industry group said.
The ABA attributed the increase in fraud primarily to the availability to forgers of inexpensive desktop publishing software and laser printing equipment.
"You can acquire the equipment to be a professional counterfeiter for less than $3,000," said Brace Brett, senior vice president of Signet Bank, Vienna, Va., and chairman of ...