Check Fraud Accounting for Billions in Losses Per Year Says infographic by TechChecks.net
Secret Service and U.S. Dep. of Treasury underscore the prevailing problem
According to the infographic, checks are still one of the most vulnerable types of payment, with 85% of the affected organizations in the U.S. Stating that checks were targeted.
Among those organizations that suffer financial losses, the average is just under $20,000; while three-fourths of banks note fraudulent checks as the number one loss, totally $893 million.
According to the most recent numbers compiled, the attempted check fraud that was levied against bank deposit accounts tallied a total of $11 billion. That is likely due to over 70% of all bank-to-bank payments still being made by the old paper stand-by.
The graphic noted that a report issued in a bankers magazine had check fraud borrowing each year, at 2.5% annually. With over 500 million checks and losses of $10 billion reported every single year.
The average fraud scheme, if handled with moderate care, is likely to go undetected for one year to 18 months. Over 500 businesses were surveyed and 85% noted they were impacted by fraudulent checks.
But the infographic also gives readers a chance to learn how to protect one's self from fraudulent check abusers. The most important part is to make sure the checks are handled with care, and not lost or stolen. Reviewing transactions frequently, and always checking if a charge seems peculiar or cannot be accounted for is key. Finally, making sure to use a strong felt-tipped pen, and not a ballpoint can help prevent check washing.
Tech Checks provides customers with quality software and services that allow for quick and efficient personal and business financing. No matter what level you are currently working with, you can have quality financing software at your door and on your computer quickly, thanks to TechChecks.net. See their newly released infographic here - http://www.techchecks.net/stopcheckfraud.
Tech Checks, Inc.
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.