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Article: Attempted check fraud exceeds $2.2 billion
- Article from:
- Bank News
- Article date:
- January 1, 2001
- Author:
CopyrightCopyright Bank News, Inc. Jan 2001. Provided by ProQuest LLC. (Hide copyright information)
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Attempted check fraud at commercial banks exceeded $2.2 billion in 1999, doubling in the past two years. The results were announced in the American Bankers Association (ABA) Deposit Account Fraud Survey Report.
While attempted check fraud losses exceeded $2.2 billion, actual dollar losses in 1999 were $679 million, up from the $512 million that banks lost in 1997, according to the ABA study. Banks check fraud prevention systems are credited with keeping actual losses significantly lower than the attempted fraud numbers.
"Potential check fraud losses are as threatening to the banking industry as actual check fraud losses," said Richard J. Clausen, member of the ABA Fraud Prevention ...