In Check Fraud, Everything Old Is New Again
- Date:March 22, 2023
- Author(s):
- Suzanne Sando
- Craig Lancaster
- Report Details: 7 pages, 4 graphics
- Research Topic(s):
- Fraud & Security
- Fraud Management
- PAID CONTENT
Overview
The conventional wisdom—backed by the numbers—is that paper checks are going away. Fewer are circulating each year. But even with declines in paper check use, check fraud remains a viable mechanism for profits among cybercriminals and an ongoing headache for banks. Check imaging has helped to extend the life of checks and offered ongoing opportunities for crime.
Check-related suspicious-activity reports (SARs) to FinCEN, the Financial Crimes Enforcement Network, nearly doubled from 2021 to 2022, and without robust check fraud detection and mitigation controls in place, financial institutions can expect the increases to continue. As long as checks circulate, criminals will exploit the technology—and consumers—for easy financial gain.
Learn More About This Report & Javelin
Related content
Cyber Lessons for Mobile Banking: Connecting with Consumers, Framing Cyber Awareness
Javelin Strategy & Research sees an increased opportunity for cybersecurity awareness and engagement with consumers within mobile banking, where push notifications and alerts are a...
Password Fatigue: A Case for Multilayered Passwordless Authentication
Traditional password-centered authentication is becoming less secure as cyberattacks increase in sophistication and consumers grow tired of strong password requirements. Financial ...
The Promise of Digital IDs: Reduced Fraud and Efficient ID Proofing
The move toward digital forms of ID is accelerating around the United States, and a greater use of such identification methods promises to reduce fraud losses and increase security...
Make informed decisions in a digital financial world