<ul><li>Financial institutions are grappling with a surge in check fraud as scammers exploit loopholes in the banking system.</li><li>Scammers steal checks, alter them, and deposit them through ATMs before quickly withdrawing cash.</li><li>Mobile deposit capabilities and instant fund access have made it easier for fraudsters to access funds.</li><li>According to the Financial Crimes Enforcement Network, mail-theft related check fraud totaled over $688 million between Feb and Aug 2023.</li></ul>

Financial Institutions Face Surge in Check Fraud

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