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Complete Story
01/23/2020
Check Fraud on the Rise Despite Anti-Scam Efforts, ABA Says
Banking Exchange
US banks prevented 90% of attempted fraud against deposit accounts in 2018, according to a new report from the American Bankers Association (ABA).
Fraud attempts affected an estimated $25.1 billion of money held in deposit accounts, ABA’s survey found, with $22.3 billion protected.
The bulk of fraud losses were to check fraud, which accounted for $1.3 billion (47%), and debit card fraud, which accounted for $1.2 billion (44%). The remainder was from electronic transactions such as P2P transfers and wire transfers.
Check fraud attempts totalled $15.1 billion, or 60% of the 2018 total, the ABA found, with fraudsters using strategies such as counterfeit checks and forged signatures.
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