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Article: Training, technology helping banks thwart attempted check fraud.
- Article from:
- The Mississippi Business Journal
- Article date:
- December 10, 2007
- Author:
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Copyright informationCOPYRIGHT 2007 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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A word of caution: attempted check fraud doubled nationwide in 2006, according to a survey by the American Bankers Association (ABA), reaching an estimated $12.2 billion. The Mississippi Bankers Association (MBA) agrees this is a problem, but the good news is that banking systems have methods in place to thwart the would-be malfeasance, and the increase in the actual dollars lost was less dramatic. It was a $969-million loss nationally compared to $677 million in 2003, the last year of the ABA's survey. Banks' check fraud prevention systems are credited with keeping actual losses lower than the attempted fraud numbers.
The MBA's Security Committee works with member banks ...
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......of large banks sustained losses from check fraud in 1993. Therefore, the time is now...of all criminal referrals relate to check fraud. Between 1991 and 1993, the number of...and other institutions combined their check fraud losses, the total would be $12 billion...
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