Saturday, September 19, 2020

Banks stop $22.3 billion in fraud

America’s banks prevented $22.3 billion in attempted fraud against deposit accounts in 2018, according to the American Bankers Association’s 2019 Deposit Account Fraud Survey report released on Jan. 15.

While total attempted fraud against deposit accounts reached $25.1 billion in 2018, banks’ prevention measures stopped nearly $9 out of every $10 of attempted fraud.

The Oklahoma Bankers Association did its part during 2018 being the only state bankers association with a on-staff fraud investigator in Elaine Dodd to assist member banks and their customers.

The biennial national survey, which has been tracking this data since 1993, measures attempted fraud against bank deposit accounts through channels including check, debit, bill pay, P2P transfers, wire and ACH transactions. You can click here to read more information about the survey, as well as tips for consumers to avoid fraud.