Losses due to fraud in the banking industry rose to $2.2 billion in 2016, up 16 percent from 2014, according to the latest American Bankers Association (ABA) Deposit Account Fraud Survey Report.
Debit card fraud accounted for 58 percent — or $1.3 billion — of losses for the industry, similar to 2014. However, the study found that check fraud is on the rise, accounting for 35 percent of fraud losses. Most of it occurred at larger banks. This is the first increase in check fraud since 2008.
Additionally, 7 percent of fraud losses were attributable to online banking and other electronic transactions.