Scott is the Vice President of Operational Risk and Payments Policy at ICBA. In this role, he advocates ICBA’s payments and operational risk policy issues before financial regulatory agencies and Congress. For almost 10 years, Scott served as a key leader for many of the Federal Reserve’s payments initiatives and led collaborative stakeholder work groups to identify and solve industry issues, while also serving as the chief administrative officer for an intergovernmental payments technology program.
Post-pandemic, Americans have embraced contactless and digital payment methods, while writing checks has steadily declined nearly into oblivion.
It’s hard to avoid hassle — or fraud — when you’re required to pay with paper and ink. Here’s why checks persist and why some people don’t mind.
A rising number of check fraud cases involving counterfeit checks is compounding the already-serious problem of fraud in one of the oldest payment methods widely available.
“The check is inherently insecure,” Anchin said. “Handing over a check is akin to sharing a screenshot of bank details alongside a Venmo transfer — no one would consider this safe.”
With significant advancements in security, thanks to authentication, monitoring and data encryption, the shift by retailers and consumers to contactless and digital payment methods will only continue to grow, accelerating the move toward a “check zero” world, he said.
https://www.cnbc.com/2024/07/19/the-death-of-the-personal-check-retailers-move-toward-check-zero.html?__source=sharebar|linkedin&par=sharebar