US banks grapple with cheque imaging fraud challenges


CONNECTICUT -- Handling cheques, with the requirement that they are returned to the institution on which they are drawn, is a major operational headache for banks. As is the fraud associated with their use -- now running at $853 million a year in losses in the US, according to Connecticut-based market analysts TowerGroup. Now, the US government has changed the law to enable banks to deliver electronic images of cheques rather than physical paper. While the industry welcomes the efficiencies this

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