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STATS

  • The typical ID-theft victim is in his or her 40s, white, married, college-educated and with annual income of $50,000 to $75,000. The average victim is taken for about $4,000 in fraudulent charges and spends, on average, 81 hours trying to resolve their cases.
    June ID Theft Survey, Nationwide Mutual Insurance
  • Though most consumers are reimbursed, 16%, most of them debit-card victims as opposed to credit card victims, end up paying some or all of the costs of fraudulent purchases.
    Ibid.
  • The average community bank will spend more than $200,000 and devote over 2,000 internal staff hours to comply with Section 404 of the Sarbanes-Oxley Act.
    FDIC citing ICBA's Community Bank Survey on the Costs of Section 404
    Reported on Bankrate.com
  • About 97% of fake $5, $10, and $20 counterfeit bills and about 80% of $50 counterfeits are now produced by means of digital copying on desktop computers and color printers. Just two years ago only 46% of all counterfeit money was printed that way.
    US Secret Service
  • There is about $700 billion in genuine US currency worldwide.
    Ibid.
  • In 2004, it is estimated $43.4 million in counterfeit currency was passed in the United States.
    Ibid.
  • There is now anti-counterfeiting technology in the form of a Counterfeit Deterrence System that blocks computers and copiers, disabling their ability to copy currency.
    Ibid.
  • In banks under $5 billion in assets, 75.6% of employees who are compliance officers said that compliance was not their only job.
    2003 survey, ABA Banking Journal
  • 1,500 banks nationwide are affected by the final rule passed raising the small bank asset size threshold to $1 billion for CRA exams. The former cutoff figure was $250 million. The rule was effective September 1, 2005
    ICBA Washington Weekly Report, 7/22/05

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 9, 9/05

First published on 09/01/2005

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