The nation’s banks stopped more than $11 billion in fraudulent transactions in 2014, according to ABA’s 2015 Deposit Account Fraud Survey Report released today. Fraud against bank deposit accounts cost the industry $1.9 billion in total losses, an increase from $1.7 billion in 2012.
“Banks’ sophisticated prevention systems and customer vigilance successfully stopped 85 percent of fraud attempts in 2014,” said Doug Johnson, ABA SVP for payments and cybersecurity. “We saw an increase in fraud losses in 2014 most likely due to the number of large-scale retailer data breaches, which resulted in a significant increase in attempted debit card fraud.”