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Article: Taking a stand against check fraud
- Article from:
- Bank News
- Article date:
- March 1, 2002
- Author:
CopyrightCopyright Bank News, Inc. Mar 2002. Provided by ProQuest LLC. (Hide copyright information)
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Check fraud is a persistent source of red ink for banks that shows no signs of abating. Getting an exact fix on the problem is tough. Bankers don't like to talk about fraud losses, and there is no central repository of information on check fraud in the United States. A survey by the American Bankers Association (ABA), however, found that 69% of all commercial banks lost money to check frauds in 1999, compared to 48% in 1997. Today, experts say the likelihood of banks losing money to check frauds is even greater.
"The scary fact is that if you have a DDA customer base, you're losing some money to check fraud every year," says Jeff Vetterick, vice president, Advanced Financial Solutions Inc. ...