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Hurst said it's a given within the industry that FBI and American Bankers Association (ABA) figures on the subject are "way, way low," since many losses are not reported but simply charged off.
However, she cited an in-depth study conducted approximately five years ago by U.S. News and World Report which found that financial institutions in the U.S. lose $12 billion a year in check fraud, while the retail industry overall loses double that for a total annual loss of $24 billion. "It's the most comprehensive information we have on this subject, and I've used these figures ever since, even though they, too, are probably low by now," said Hurst.
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