Check fraud is surging, leaving financial institutions and businesses scrambling for solutions. The latest report from Datos Insights dives deep into how financial institutions are tackling this growing threat with Positive Pay services—and why adoption rates are still falling short. The latest research uncovers the challenges, trends, and strategies that are shaping the fight against fraud.
Key Takeaways:
- Check fraud is skyrocketing: Banks and credit unions experienced significant increases in check fraud-related losses in 2023 compared to the previous year.
- Check washing leads the pack: Many institutions identified check washing as the most common type of check fraud impacting their clients.
- Positive pay adoption rates remain low: Financial institutions are largely unsatisfied with current adoption levels, leaving businesses more vulnerable to fraud.
- Education is critical: Most institutions believe their business clients don’t fully understand the risks of payment fraud, highlighting a major gap in prevention efforts.
- New strategies on the horizon: Banks and credit unions are ramping up education, training sales teams, and requiring fraud victims to adopt positive pay to curb future losses.
Want to know the exact numbers? Download the full report to uncover the detailed stats and insights that can help your institution stay ahead of fraud threats and boost positive pay adoption rates.
