Mobile Check Deposit Offers Tempting Fraud Target
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.”
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.more information
Your electronic library to help in fighting financial fraud for all of our partners.more information