Counterfeiters have new imaging tech, too

Friday, 12 December 2003, 11:29 AM EST

Forged checks have always been a problem, but increasingly sophisticated technology is making it easier to create these checks. Today, it is not uncommon to see forged checks of more than one million dollars-so banks must be on the alert.

TowerGroup, headquartered in Needham, Mass., estimates check fraud will cost commercial banks $853 million in 2003 and that banks will avoid losses of another $4.478 billion by taking preventative measures.

According to Peter L. James, senior analyst, wholesale banking, TowerGroup, "We estimate that the U.S. banking industry spends over $280 million per year on these measures, equaling a total cost to the industry of over $1.1 billion per year in losses and prevention costs."

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