Can Check Fraud Become Obsolete?
I am still amazed as I stand in any line at a store and the person in front of me pulls out a checkbook and writes a check, has to dig out a shopper ID card or some other form of ID, then hands it to the cashier. The cashier, with a puzzled look, takes all the documents and writes down information on the check. The cashier hands any ID back to the patron then sticks the paper check into the register 3 different ways. At about the midway point through this production, I realize why I dont write checks anymore and the person who invented the debit card should win the Nobel prize. What an incredibly antiquated and outdated system that is still being used by millions of people despite all the pitfalls. Beyond the fiasco at the register, look at what else this dinosaur system burdens us with: The number of checks stolen or forged each year is about 500 million checks and over $10 billion in lost revenue. Check fraud in itself is expected to grow at a rate of about 2.5% each year. The averag
