Counterfeiting, fraud and related crimes pose significant challenges to virtually every industry. Listed below are facts and figures that highlight specific challenges that face the banking sector.
- Check forgery accounted for $20.6 billion in losses in 2006. Approximately 42% of credit card fraud, reported to the Federal Trade Commission database, involved some form of identity theft as well.
- The National Check Fraud Center estimates check washing, a specific type of check fraud, costs Americans $815 million each year.
- The Federal Trade Commission reported nearly 9.9 million Americans have been victims of identity theft, costing banks and businesses $48 billion each year.