ROCHESTER, N.Y., Sept. 22, 2011 /PRNewswire/ -- Document Security Systems, Inc. (NYSE Amex: DSS; "DSS"), a world-wide developer and manufacturer of security and authentication solutions which prevent counterfeiting and brand fraud announced today that it has teamed with New Hampshire based, Relyco®, a leading provider of value-added business printing and payment solutions, to produce a Bank Check which contains the most effective counterfeit prevention technologies in the industry. In addition, this check meets or exceeds all Federal mandated requirements including "Check 21".
According to American Banker Magazine, more than 1.2 million fraudulent checks are written each day which equates to more than 13 per second.
A 2009 American Bankers Association study estimates there were 760,955 cases of check fraud in 2008 with actual losses estimated at $1.024 billion, compared to 561,306 cases and $969 million in 2005 (2006 ABA Study) and 616,469 cases and $677 million in 2002 (2003 ABA).
Key findings of the 2011 American Financial Professionals Payments Fraud and Control Survey published by JP Morgan include:
- 80% of business-to-business transactions are made by check; that number is expected to decrease only minimally in the coming years.
- Seventy-one percent of organizations experienced attempted or actual payments fraud in 2010.
- Large organizations were significantly more likely to have experienced payments fraud than were smaller ones. Eighty-two percent of organizations with annual revenues over $1 billion were victims of payments fraud in 2010 compared with 58 percent of organizations with annual revenues under $1 billion.
- Twenty-nine percent of survey respondents report that incidents of fraud increased in 2010 compared to 2009.
- Checks were the dominant payment form targeted by fraudsters, with 93 percent of affected organizations reporting that their checks had been targeted.