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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

First published on 03/05/2004

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