Despite rallying cries like “kill the paper check,” this form of payment survived the pandemic digital shift, remaining popular as a form of mass disbursement — and a favorite of fraudsters.
In a talk with PYMNTS, Ingo Money President and Chief Operating Officer Rusty Pickering and Chief Risk Officer Bill Roese delved into how check fraud continues to thrive in the presence of — and in some ways assisted by — digital banking tools.
Pointing to one survey from 2019 showing that check fraud doubles about every two years, Pickering noted: “In 2018, there was $1.3 billion in losses from check fraud, and banks stopped about $14 billion in losses from check fraud. If you think about that, that was 2018, that was four years ago. Today those numbers are much, much larger.”