Check fraud on the rise in the US: Alarming figures (+Details)

A recent survey by fintech IntraFi found that 90% of surveyed financial institutions report check fraud, despite a decline in checkbook use in the United States.

For this study, the response of at least 471 banks was taken into account and it turned out that in the last four years, they registered a 50% increase in this type of scam in a quarter of the institutions.

It is worth noting that during the survey some financial institutions indicated that the increase in cheque fraud had grown between 30% and 49%. Another group of 28% warned that the increase was between 10% and 29%.

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Alarming figures for check fraud

IntraFi CEO and co-founder Mark Jacobsen said the numbers are alarming and are hitting community banks the hardest. “Check fraud is rampant and on the rise,” he added.

In addition, delays in payment of bounced checks have been reported at community institutions, creating further frustration for the financial sector.

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Fraud liability percentages

62% of the banks surveyed indicated that the responsibility for fraud should be transferred to the “bank of the first deposit”, that is, the institution that made the first collection.

Financial institutions hope that the relevant authorities will deal with this type of check fraud, and others believe that it can be solved by expanding the police force of the Postal Service in the United States.

Another revelation from the survey indicated that the sector remains pessimistic about the country’s economic conditions and 38% expect them to worsen in the coming months. Meanwhile, 34% say that conditions will worsen in 2024.

With information from El Diario

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