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Article: Attempted Check Fraud Doubles to $4.3 Billion According to ABA Survey; Actual Losses Remain Close to $700 Million, Bank Systems Thwart Most Attempts.
- Article from:
- PR Newswire
- Article date:
- November 13, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. 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 surpassed $4.3 billion in 2001, doubling for the second time in four years, according to the latest American Bankers Association Deposit Account Fraud Survey Report.
While attempted check fraud losses continued to rise, actual dollar losses remained relatively stable at $698 million, up slightly from the $679 million that banks lost in 1999, the last year of ABA's biennial survey. Banks' check fraud prevention systems were credited with keeping actual losses significantly lower than the attempted fraud numbers. Attempted fraud totaled $2.2 billion in 1999.
Since the last survey, the number of ...