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Check Fraud
One of the oldest and yet more prevalent scams today is check fraud. According to the American Bankers Association, 1.2 million fraudulent checks enter the banking system every day. Even though check use is declining as more payments become electronic, losses to check fraud are growing at a rate of 2.5 percent a year. Also, 77 percent of business respondents to a survey by the Association for Financial Professionals reported they had experienced check fraud. Check fraud unfortunately is alive and well, and remains one of the easiest, and therefore most common, financial fraud methods in use today.
One of the oldest and yet more prevalent scams today is check fraud. According to the American Bankers Association, 1.2 million fraudulent checks enter the banking system every day. Even though check use is declining as more payments become electronic, losses to check fraud are growing at a rate of 2.5 percent a year. Also, 77 percent of business respondents to a survey by the Association for Financial Professionals reported they had experienced check fraud. Check fraud unfortunately is alive and well, and remains one of the easiest, and therefore most common, financial fraud methods in use today.
