Statistics, Facts, & Such
- The fraud rate for Internet purchases is 0.25 % for Visa and MasterCard transactions. It is 0.08 % for Visa and 0.09% for MasterCard at retail locations.
Celent Communications,
www.celent.com
- The "Advance Fee Fraud" is the new name given to the "Nigerian e-mail scam", also known as the "419 scam." (The Nigerian penal code against fraud is their law #419.) The Secret Service says they now get around a hundred calls daily, and copies of about 13,000 advance fee scam letters every month.
www.ustreas.gov/usss/financialcrimes.shtml#Nigerian
- 57% of ATM use is for withdrawals; 15% for deposits; 11% for inquiries. Lesser used activities include review of other information, paying bills or loans, transfers, purchasing postage stamps, and other miscellaneous functions.
TowerGroup Primary Market Research, 2003
- 15% of retail check deposits are currently made at an ATM. If, under Check 21 procedures, 40% of deposits were made at an ATM, it would save an hour a day per teller.
Celent Communications report: "The Check Stops Here: The Forces Moving Check Truncation to the ATM"
- Annual cost savings generated by check truncation will reach at least $1.2 billion.
Ibid.
- In 2002 ATMs were used to "Top-Up" prepaid mobile phone accounts, accounting for 1% of the $5.9 billion market. By 2007, TowerGroup predicts ATMs will account for 7% of an approximately $17.6 billion market servicing prepaid mobile phone accounts.
Ibid.
- The largest ATM fleet belongs to Bank of America, which has over 12,000 ATMs.
FDIC, ATM & Debit News
- Passbook accounts in the top ten metropolitan markets in the United States are now paying an average of 0.50% on passbook accounts, and 0.46% on statement accounts. The national average for banks is 0.38% on passbooks and 0.30% on statement savings
Bankrate.com
- In 2002 there was about $620 billion in United States currency (banknotes and coins) in circulation in Europe. 50% to 75% of U.S. banknotes are circulated outside the U.S.
Source: EC Blue Book Addendum-2002
- It is estimated that seven million adults, or 3.4% of United States consumers, were victims of identity theft during the 12-month period ending June, 2003. This is a growth of 79% over the previous 12 months.
Federal Trade Commission / Gartner, Inc.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 1, 3/05
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