Statistics, Facts & Such
It would take three years, spending $1,000 a day, to go through $1 million dollars. If you had $1 billion dollars, and spent $1,000 a day, it would take 3,000 years to get rid of it all.
By observing and sometimes even videotaping a customer's PIN, and retrieving the discarded ATM receipt bearing the account number, a crook could create a duplicate of the customer's ATM card. Losses incurred in this way were estimated to cost the financial industry between 25 and 40 million dollars.
Current law says that if there is a discrepancy of as little as $10 in a mortgage contract disclosure statement, the borrower can rescind the mortgage loan.
Out of 288 "mystery shopper" visits to financial institutions, the Bank Securities Association found that 70% of the representatives made the required disclosures, and 88% emphasized the products they sold were not federally insured.
Interpol reportedly has identified 18,000 varieties of counterfeit United States currency-many being $100 bills. The best are being printed on two genuine, Intaglio presses in Iran, owned by Islamic radicals.
Until the International Counterfeiting Deterrence Act of 1993 is passed by the House and the Senate, it is not a federal crime to counterfeit U.S. currency abroad.
Copyright © 1995 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 5, No. 7, 3/95
First published on 03/01/1995