Georgia DBF Releases Check Fraud Survey Results

Georgia Department of Banking & Finance, has released the check fraud survey results gathered through December 8, 2023, using financial information as of year-to-date September 30, 2023.

“In conjunction with other financial associations, CBA has been working closely with the Department of Banking and Finance to survey the state’s financial institutions regarding the magnitude of check fraud in the state. The results are in, and the figures are staggering,” stated John McNair, President & CEO, Community Bankers Association of Georgia. “CBA will coordinate with all industry stakeholders to craft educational and other needed solutions to curb this alarming trend.”      

The survey was developed, distributed, and gathered through partnership with the Georgia Department of Banking and Finance (Department), Community Bankers Association of Georgia (CBA), Georgia Bankers Association (GBA), and League of Southeastern Credit Unions (LSCU).  The goal of this survey is to begin to gather data to understand the financial and operational impact of check fraud to support efforts to evaluate and pursue possible multi-faceted solutions to effectively combat this escalating issue. 

79 institutions participated in the survey and highlights include:

• $14,952,419 charge offs
• $24,915,265 in recoveries
• $68,051,440 in attempts.

 Total activity is $107,919,124.

The analysis of the survey data has been anonymized and presented as aggregated data from all respondents, as well as separated into peer asset size groups.  To contact the Department with any questions, please reach out to Deputy Commissioner for Supervision Melissa Sneed or Director for Supervision Kevin Vaughn. The Department sincerely appreciates the many individuals who gave great time and effort for this project.  Link to report.