Why is check fraud suddenly rampant?www.bostonfed.orgexternal-link farcaster ( @farcaster@beehaw.org ) Finance • 2 years ago message-square11arrow-up116
arrow-up116external-linkWhy is check fraud suddenly rampant?www.bostonfed.org farcaster ( @farcaster@beehaw.org ) Finance • 2 years ago message-square11
minus-square greenskye ( @greenskye@beehaw.org ) linkfedilink7•2 years agoIt’s because digital payment methods are almost completely owned by private entities here that charge fees for processing. Checks don’t incur those costs, so people stick with them.
minus-square ThenThreeMore ( @andthenthreemore@startrek.website ) linkfedilinkEnglish2•2 years agoI can only assume the cost of dealing with checks was greater (as well as far less convenient) than BACS transfers were over here.
It’s because digital payment methods are almost completely owned by private entities here that charge fees for processing. Checks don’t incur those costs, so people stick with them.
I can only assume the cost of dealing with checks was greater (as well as far less convenient) than BACS transfers were over here.