Q2 2024 Bank Executive Business Outlook Survey
Although the use of checks has continued to decline, check fraud has risen significantly —165% nationwide from 2020 to 2023—according to the United States Postal Inspection Service.1 This has created challenges for banks and customers who still use paper checks to pay bills.
According to the results from IntraFi’s survey, 90% of all bankers said their institution has experienced higher levels of fraudulent check-writing. More than a quarter (28%) of all bankers said the level of fraud has risen above 50% over the last three years, while another 19% have seen check forgery increase 30% to 50%. Unfortunately, as check fraud has spiked, more banks have experienced challenges in getting reimbursed from those institutions where the bad check is initially cashed. Forty-nine percent of respondents said that delays in payment are a common occurrence. Another 41% said it happens occasionally.
