- Due to new technology that catches fraud on the first or second purchase, rather than the fifth or sixth, credit card estimated losses due to fraud are at an all time low of 5¢ of every $100 credit card transaction.
"The Growing Rate of ID Theft", www.Bankrate.com, July 20, 2005
- 24 years ago Docutel introduced the first true full-function bank ATM, "Total Teller", meeting immediate initial resistance from bankers, who said that the annual cost was higher than the cost of a human teller by about $8,000 and also that customers would probably be afraid to let a machine handle their money.
- In 1967 a Barclays Bank branch near London installed the first cash dispenser, made by De La Rue Instruments. (The DeLaRue Automatic Cash System - DACS) The biggest problem with this 'ATM' was that you had to buy vouchers from the tellers in advance in order to use it. These vouchers were actually checks containing a radio-active material (Carbon 14).
- Desjardins Group, in Canada, now fights ATM fraud by requiring users of its ATMs making deposits and withdrawals to enter their date of birth (day and month) for any transactions over $300.
- In serious cases of identity theft, victims spend an average of 600 hours and $1,400 in out-of-pocket expenses to repair their credit.
www.parade.com, July 31,2005
- The three big credit bureaus each charge about $10 to "freeze" a credit report, and $10 for a "thaw" totaling about $60 for one thaw a year. Credit monitoring costs around $100 a year, and only tells you after the fact that you've
- About 9.3 million people became victims of identity theft last year - or one in every 23 consumers was victimized, with a total loss exceeding $50 billion.
2005 Identity Fraud Survey, Better Business Bureau and Javelin Strategy & Research
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 8, 8/05
First published on 08/01/2005