Saturday, August 27, 2016

Facts About Check Frauds

The following statistics on check frauds in America are provided by the American Collectors Association:
  • Check frauds generate an estimated yearly losses of up to $50 billion.
  • About 1.4 million bad checks are written each day which accounts for about $27.3 million worth of fraudulent checks written each day.
  • About 500 million checks are written out of stolen or forged checks each year which produces over $10 billion revenue loss.
  • It is estimated that merchants take in over $13 billion in bad checks each year and such a number increases about 18% on an annual basis.
The U.S. Government Accountability Office reports that prosecutors fail to pursue 75 % of bank checks due to work overload in law enforcement and maintains that in large cities the percentage rises to 90%.