Truth Behind the Numbers: Transaction & Check Fraud
How Much Is Fraud Costing Your Financial Institution and What You Can Do
Banks and credit unions of all sizes continue to see an increase in the number of overall fraud attempts, and according to research, this can be upwards of 1,875 attempts a month in the US alone. Although the number of blocked attempts is high, just one successful fraud attack can cost an institution thousands, if not millions, of dollars in losses and recovery.
If we look specifically at check fraud, criminals have given new life to this old scheme in recent years, with potential attempts nearly doubling from 2021 to 2022.
Read more about the problem and the solutions that can help you combat fraud at your institution.