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Statistics, Facts & Figures
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Because
check fraud is illegal, it is impossible to
place an exact dollar figure on how much money
is stolen each year through fraud. By all
accounts, however, the problem is measured in
the billions of dollars annually, and continues
to grow each year. Below are some basic facts,
statistics and information about fraud that you
may find valuable in understanding the scope and
pervasiveness of check fraud.
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u
The
FBI estimates that losses from check fraud
total $18.7 billion annually. The
Nilson
Report puts that number at over $20 billion.
u
Over
500 million checks – over a million a day -
are forged annually in the US.
u
Because of demands on law enforcement,
prosecutors fail to pursue 75% of
bank check
fraud cases, leaving most matters to be
settled between the
involved parties, and
placing even greater emphasis on the concept
of Due
Diligence.
u The
average fraud scheme lasts 18 months before
it is detected.
u
The most
common method for detecting fraud is through
tips from employees,
customers, vendors, and
anonymous sources. The second most common method
of discovery is by
accident.
u
Many
types of security features, such as Warning
Bands and Microprinted lines,
can be added
at no extra cost to the consumer. |
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How
Does Check Fraud Happen? |
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There are lots of fraud techniques, but some of the
most widely used include:
Chemical Washes – chemical baths are used
to remove toner. Because Relyco’s
Deterachek™ and the
UltraSeal™
100 products are printed on safety paper
with a Multi-Language Chemical Void and/or Solvent
reactivity, exposing either product to most
chemicals will cause indelible staining, rendering
the paper useless to thieves. Relyco's
Magnachek®,
Basichek®,
and Futurachek™
lines are also printed on safety paper to inhibit
chemical tampering.
Toner Lift-Off – toner is removed using a
razor blade or adhesive tape. Both the
Deterachek™ and
the
UltraSeal™
100 feature Toner Adhesion Enhancement,
which helps prevent toner removal. Relyco's
Magnachek®
and Basichek®
lines also feature Toner Adhesion Enhancement, which
is also commonly referred to as "Toner Grip" or
"Toner Anchorage."
Photocopying – mass duplication of a
check to be subsequently cashed at different banks.
Features like Copy-Void Pantographs, Microprinting,
Simulated Watermarks, Fluorescent Fibers and
Two-Color Gradient Pantographs make undetected
photocopying of both the
Deterachek™ and
UltraSeal™
100 extremely difficult. All Relyco
cut sheet Stock
Laser Checks and
Pressure Seal
check lines, including
Ultrachek®,
Futurachek™,
Magnachek®,
Basichek®
and UltraSeal™
contain Copy Voids, Microprinting and other document
security
features designed to hamper fraudulent
attempts at photocopying and duplication of checks.
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Corporate Headquarters
100 Main Street, Ste 222 - Dover, NH 03820
Tel: (800) 777-7359 - (603) 742-0999 - Fax: (603) 742-9993 |
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