The August 2024 report examines positive pay adoption amid rising check fraud, with some banks seeing fraud losses increase up to 50% year-over-year in 2023. Check washing is the most common fraud type, followed by theft, counterfeiting, and forgery. Only 29% of U.S. financial institutions are satisfied with adoption rates, leaving many clients vulnerable. Just 25% of banks believe customers understand fraud risks well, prompting initiatives focused on education, sales team training, mandatory enrollment for fraud victims, and liability waivers for those declining the service.

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