Statistics, Facts, & Such
An American Bank Association study shows check fraud losses increasing at 19% per year.
Studies by ECCHO members show check fraud losses can be reduced by more than 95% through the use of ECP and RNOTEs. (Studies by Electronic Check Clearing House Association members show check fraud losses can be reduced by more than 95% through the use of Electronic Check Presentment and Electronic Return Item Notifications.)
The average cost to a financial institution when an account becomes delinquent ranges from $220 to $350. An account closed due to fraudulent activity will cause an average loss of about $13,000.
Chex Systems, Inc. survey, reported on AOLNews, 12/1/98
Financial electronic data interchange (EDI) over the Automated Clearing House (ACH) Network grew by 42.7% in 1998, according to statistics released by the National Automated Clearing House Association (NACHA), from 45.2 million transactions in 1997 to more than 64.5 million in 1998.
NACHA Press Release, 2/8/99
Datamonitor, a market analysis firm, anticipates increases in call volume at financial institutions of 4% in October, 7% in November, 22% in December, 23% in January, and 2% in February. However, they say their estimates for December and January, due to Y2K, are "uncertain."
94% of all households in the United States have a telephone.
The Gallup Organization, FDIC Survey, June, 1999
70 million Americans do not have credit cards.
C.D.S. Systems, 6/4/99
Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 6, 7/99
First published on 07/01/1999