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06/02/2022

Fraud Execs Say ACH and Check Fraud Pose Ongoing FI Threat

PYMNTS.com

Digital payments are quickly becoming the new normal, but there is still a sizable contingent of consumers that prefer cash or paper checks. A recent study found that the proportion of individuals leveraging digital payment methods hit 82% in 2021, an increase from 78% in 2020 and 72% five years ago. This means that one in five individuals do not use digital methods of any kind, for various reasons ranging from reluctance to change to technological unfamiliarity or a perceived sense of security — but the latter case could not be further from the truth.

Check fraud is exceedingly common for those who still prefer paper payments: Some fraudsters steal checks out of the mail and change the amount by hand, while others access check printing software at a company and embezzle by printing themselves checks. Digital payment methods are also far from invulnerable to fraud. One of the most pervasive threats that payment app users face is account takeovers, in which fraudsters seize control of their accounts and use them to access credit card data, drain stored account values, or even pay themselves or their alternate accounts

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