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Article: Banks experiencing staggering growth in check fraud losses

Article from:
Bank News
Article date:
June 1, 1999
Author:
Copyright

Taking a serious bite out of eck fraud crimes, banks and consumers are gaining an edge over pesky thieves

A recent survey conducted by the American Bankers Association (ABA) found that 54% of community banks, 94% of mid-sized banks and 88% of large banks sustained losses from check fraud in 1993. Therefore, the time is now for financial institutions to take a closer look at what is becoming a booming business for scam artists worldwide.

Technology has made it increasingly easy for criminals, either independently or in organized gangs, to create realistic counterfeit checks and false identification that can be used to defraud banks. The scope of the problem can be shown in some recent ...

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