Page 19 - GS200301

Views

"When you look at the loss num- present transactions. Fraud related to counterfeit cards fell to 25 percent of total
bers, business email compromise debit card losses in 2018, from 47 percent two years earlier. CNP debit card loss-
has a much bigger financial impact es grew from 30 percent of the total in 2016 to 42 percent in 2018, the ABA said.
than other types of cyberattacks, like
ransomware," said Crane Hassold, Attempted check fraud in 2018 totaled $15.1 billion, accounting for 60 percent
senior director of threat research at of all fraud attempts against deposit accounts, the ABA noted. But banks' check
Agari. fraud prevention measures succeeded in identifying a whopping 91 percent
of those attempts. Counterfeit checks and forged signatures were two of the
In a 2018 press release, the FBI ad- leading categories of check fraud identified.
vised, "The best way to avoid being Patti Murphy is senior editor at The Green Sheet and self-described payments maven of the Fourth
exploited is to verify the authenticity Estate. Follow her on Twitter @GS_PayMaven.
of requests to send money by walk-
ing into the CEOs office or speaking
to him or her directly on the phone.
Don't rely on email alone."
Good news: banks detect most
payment fraud We believe
Now for some good news: banks are
becoming adept at identifying fraud-
ulent payments before they turn to in your
losses, according to the American
Bankers Association's 2019 Deposit
Account Fraud Survey. success.
The biennial ABA survey, which has
been tracking fraud data since 1993,
measures fraud attempts against
bank deposit accounts involving Maverick is committed to developing the best
checks, debit cards, bill payment, technology with agents and partners in mind.
P2P payments, wire transfers and Unlike others, our technology was built from scratch.
ACH transactions. A true full-service provider with proprietary

technology to power agents with end-to-end tools.
"Banks continue to take extraordi- Family owned/operated providing the dexterity
nary efforts to protect and safeguard needed to make you successful.
customer accounts," said Rob Nich-
ols, ABA president and CEO. "As Backed by our 20+ years of experience.
fraud schemes become increasingly
more sophisticated, this survey dem- • All operations handled • Frictionless merchant
onstrates that banks are meeting the in-house onboarding & digital
challenge by investing in equally so- • Aggressive buy-rates application with simple
phisticated fraud prevention systems and transparent sign with your cursor
and constant vigilance by dedicated revenue sharing • Branding options to
employees." • High-risk merchants white label the entire
accepted & multiple experience
The survey, which sampled 151 FIs of sponsor banks • Proprietary payment
gateway
varying sizes, identified check fraud • White-glove 24/7/365 • Cash discount &
and debit card fraud as the two big- support surcharge programs
gest types of fraud against deposit • Quick merchant funding • Terminal placement &
accounts. Check fraud resulted in (next & same-day and instant bonus options
$1.3 billion or 47 percent of losses, settlement coming soon)
closely followed by debit card fraud
losses at $1.2 billion or 44 percent of The future is
the total. The remaining 9 percent
of losses ($265 million) involved bill
payment, P2P transfer, wire transfer
and ACH transactions. Learn more at www.maverickpayments.com
800.464.9777
Not surprisingly, most of the losses
from debit cards came from card-not- Maverick™ is a registered trademark of Maverick BankCard, Inc. Maverick is a registered ISO of Avidia Bank, Hudson, MA;
Esquire Bank NA, Jericho, NY; Mission Valley Bank, Sun Valley, CA. Copyright © 2000-2020. All rights reserved.
19