|
|
Article: Check fraud on the rise
- Article from:
- Northwestern Financial Review
- Article date:
- January 15, 2001
- Author:
CopyrightCopyright NFR Communications Inc Jan 15, 2001. Provided by ProQuest LLC. (Hide copyright information)
|
[chronicle]
Attempted check fraud at the nation's commercial banks has doubled in the past two years, exceeding $2.2 billion in 1999, according to the latest American Bankers Association 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 the banks lost in 1997, according to ABA's previous 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 ...