Written by Jenn Day | May 8, 2024 9:15:22 PM
Read the ABA Banking Journal article here.
Here is a brief summary:
- Checks are still used for high-value transactions due to ease of use and lack of fees
- However, checks are an insecure and expensive payment method
- Check fraud has increased, leaving financial institutions to bear the cost of fraud loss
- While the check-clearing process has become more efficient, the cost of fraud makes it less cost-effective