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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:
CopyrightCopyright Mississippi Business Journal Dec 10, 2007. Provided by ProQuest LLC. (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 to make bank ...