The Changing Landscape Of Payments: Lower Check Losses By Combatting Check Fraud
The cost to financial institutions for check fraud grew from more than $900 million in 2007 to beyond $1 billion in 2009. What are you doing to fight check fraud?
Checks are the most common payment method criminals use to perpetrate payments fraud against financial institutions. Recent statistics show that 80% of financial institutions in the United States report losses caused by check fraud.1, Check fraud is both the fastest growing—and costliest—method of payments fraud. Thirty percent of financial professionals reported a higher incidence of attempted or actual check payments fraud in 2010 than 2009, a higher rate of growth than credit- and debit card fraud, corporate card fraud, ACH fraud or wire transfer fraud.2 This trend demonstrates that the impact of check fraud extends far beyond the scope of financial institutions reaching into the accounting departments of companies of every size across all industries. And since financial institutions operate as the central hub through which check payments flow, they suffer the greatest impact. But they are also best positioned to combat this growing problem.
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