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  • By the third quarter of 2005 financial institutions that issue Visa cards will be able to screen Visa debit and credit card applications and change-of-address requests against Chex Systems, Inc. data base as well as with the Issuers' Clearinghouse Service.
    ATM, 5/5/05
  • Based on existing investigations and mortgage fraud reporting, 80 percent of all reported fraud losses involve collaboration or collusion by industry insiders. Predominant types of insider fraud are equity skimming, property flipping and mortgage related identity theft.
    FBI Report,, May 11, 2005
  • The FBI reported 26 states have significant mortgage fraud problems. The top ten are California, Nevada, Utah, Colorado, Missouri, Illinois, Georgia, South Carolina, Florida, and Michigan.
  • Small Business owners, when asked to name the criteria most important in choosing their financial institution said Free Checking is the most important (68%); second is Fee and Service charges (67%); and third is Online Banking (56%).
    Keynote Systems, Credit Union Tech Talk Weekly, 5/15/05
  • In 2004 there were 9.3 million new victims of identity fraud - 4.3% of the U.S. adult population.
    Better Business Bureaus/Javelin Strategy & Research, USA Today, 1/26/05
  • 68% of ID theft in 2004 came from paper sources; 1.6% from computer crime.
    BBB/Javelin survey of 4000 households - 509 of which had been victims of ID theft, USA Today, 1/26/05
  • ID theft from paper caused an average loss of $4,543; from online theft, $551.
  • Over 50% of Identity theft is perpetrated by family members, friends and neighbors.
  • The most serious frauds are twice as likely to hit Hispanics and African-Americans as those where Asians or whites are the victims.

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 5, 6/05

First published on 06/01/2005

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