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Check Forgery Datapoint of the Day
by Felix Salmon
May 20, 2008
May 20, 2008
Luke Mullins talks to Frank Abagnale, the acknowledged expert on such matters:
Check forgery is now at about $20 billion a year, up from about $12.6 billion in 1996. There was an increase in check forgery of over 25 percent last year.
I simply don't understand why the US still uses checks, if it's costing $20 billion a year. That's something like $200 per household per year - more than enough money to make it worthwhile switching, as all of Europe has done, to electronic payments. If there aren't any checks, there isn't any check forgery - and when was the last time you saw a check in Europe? They basically don't exist, certainly not personal checks.
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