While it has become unusual to see someone write a check at the grocery store these days as credit and debit cards have become widely adopted, checks are still a commonly used form of payment, and check fraud has exploded in recent years.
The U.S. Treasury’s investigative arm, the Financial Crimes Enforcement Network (FinCEN), reported last year that reports of check fraud in 2022 exceeded 680,000, nearly doubling the number of filings the prior year.
“The battle against check fraud is a race against evolving criminal tactics,” said Datos Insights strategic adviser Becki LaPorte. “Fraudsters use this to their advantage and wield sophisticated tools. It is imperative for community financial institutions to adopt innovative technology solutions that protect customer funds without impacting the customer experience.”
PAPER CHECK FRAUD IS ON THE RISE: WHAT TO KNOW
The methods scammers use to acquire a check can vary from stealing checks through normal day-to-day commerce, stealing check…
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