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- W118538103 abstract "day tine software was installed it paid for itself. Besides the $26,000 fraudulent check caught that day by Bank Detect software, the mid-sized eastern bank counts among its victories the blocking of a $1 million fraud attempt by a business customer. Over the past three years, the bank has also adopted fraud detection software from Carreker-Antinori, and (with somewhat lesser success), WJM Technologies, whose systems will be discussed later. bank prefered not to be named. How typical is it? Probably flukish in its catch, atypical in its technology, highly typical in its vulnerability--and its unwillingness to publicly admit to it. Wildly varying estimates What is the magnitude of the check fraud problem? Ask the Federal Reserve, and it will say, $615 million in bank losses at last count (1995). Ask Bob Cofod, president of Bank Detect, and he says, I know three banks that had combined losses greater than that. Ask Lisa Wilhelm, senior vice-president of risk management at Wells Fargo Bank, and she says total check fraud, depending on whose statistics you believe, is between $10 billion and $50 billion a year. Ask anyone and they'll agree that check fraud is hard to quantify, officially popular belief that the quickest' way to get rich is to rob a bank, check fraud is more lucrative, less risky, and far easier for criminals. The check is the most vulnerable transaction, Wilhem told delegates to ABA's June operations and technology conference. Above all other catalysts, sources say it is desktop publishing technology that has made plausible, but fake checks just a scan, a tweak, a copy away. Before desktop publishing, a crook would have to spend up to $100,000 on the requisite printing equipment to generate fake checks, notes Ron Antinori, vice-chairman of Carreker-Antinori. Check fraud is aggravated by banks clearing checks quickly to stay competitive. Banks report that they disburse funds quicker than they are legally required to, thus the Fed's recommendation that Congress extend local clearing limits is academic. Frank Abagnale, a recognized fraud expert, reports a 300% increase in the incidence of check fraud between 1990 and 1994. Although merchants are the biggest losers, banks are losing money at what many consider an alarming rate. Many banks say that their losses from check fraud are doubling every year. Fraud attempts against Wachovia National Bank shot up this year, to 9,997 cases by May, compared with just 2,600 for the whole of 1996, Melinda Garren, vice-president, told the ABA technology conference. She did not disclose actual losses. However, a representative from another Southeastern bank says regional banks are now losing millions of dollars a year while big banks are losing tens of millions' worth. man, who did not wish to be named, came up to the Fed representative to question the Fed's findings after they were reported to the BAl transaction processing conference in March. How could $615 million be the total banking loss in a year when his bank had just lost $300,000 in a weekend, he asked. Even the most conservative commentators see something approaching a 20% increase in bank losses. However, such banks arguably, have the most preventative measures in place, partly because fraud has long been a problem in their territories. Wells Fargo, for instance, has managed to hold its losses per account flat since 1990, depite a major increase in check fraud risk and the fact that Wells' area of operation includes Los Angeles, site of 20% of world fraud. Then again, Wells is, says Wilhelm, probably the best in the industry at managing check fraud risk. targets--large and small Large banks in metro areas--especially, L.A., New York, Miami, New Orleans, and, lately, Houston and Salt Lake City--get hit the most, various sources report. Fed found 99% of respondents over $5 billion in assets were victims of fraud during 1995, whereas just 55% of those under $0. …" @default.
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- W118538103 date "1997-08-01" @default.
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- W118538103 title "Check Fraud Stakes Rise" @default.
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