American Banker webinar: The journey of a stolen check: exposing the fraud ecosystem

The notion that checks are a payment of the past is far from true. Billions of checks are still issued each year and, alarmingly, check fraud is rising. In 2022, banks saw an 84% increase in check fraud. Would you be surprised to learn the journey of a stolen check involves a minimum of four bad actors? And, did you know that check fraud is a jumping off point for other forms of fraud? During this webinar, we discussed:

  • Traditional and modern methods used for check theft
  • The growing complexity of the check fraud ecosystem and the four primary players 
  • The lifespan of stolen check data and how it's used as a catalyst for additional types of fraud 
  • Implications of rising check fraud for financial institutions and consumers

Check theft is a multifaceted problem with far-reaching consequences. Collaboration, awareness, education, and technological advancements are key to minimizing check theft and safeguarding financial transactions.