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Article: Attempted check fraud exceeds $1 billion, says ABA survey.(Brief Article)
- Article from:
- ABA Banking Journal
- Article date:
- February 1, 1999
CopyrightCOPYRIGHT 1999 Simmons-Boardman Publishing Corporation. 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 commercial banks exceeded $1 billion in 1997, according to ABA's latest Check Fraud Survey Report. While attempted check-fraud losses soared past the $1 billion mark, a Federal Reserve Board study showed that actual dollar losses in 1997 were $512 million, up from the $487 million that banks lost in 1995.
"Potential check-fraud losses are as threatening to the banking industry as actual check-fraud losses," said Dick Clausen, chairman of the ABA Deposit Account Fraud Committee and vice president, Bank of America, Concord, Calif. "They indicate how severely banks could be hit by fraud if their systems and procedures are not in ...