Warning!!! According to Ernst & Young Check more than 500 Million checks are forged annually with losses totaling more than $10 Billion.
The American Banking Association reports that fraud is growing at 25% annually.
The Average loss in the U.S. is $1,545.00 per check!
Courts now widely uphold the Uniform
Commercial Code (UCC) regarding check fraud.
A business must show "ordinary care/due diligence" (reasonable document protection) or it can be held liable for "comparative negligence," which shifts financial loss liability from your bank to you, the check issuer.
* Source: 2005 American Bankers Association, Deposit Account Survey Report
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