Data For: counterfeit money orders
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Counterfeit Money Orders Market Value: $2.5 Billion
Counterfeit Money Orders and fake checks are unauthorized copies of Money Orders that were not created by the United States Government or financial checks that are fake.
The United States Post Office has reported that in one year, 600,000 fake checks valued at $2.5 billion was seized by law enforcement personal in 2007 and 2008.
Source: “Postal Service Celebrates National Consumer Protection Week,” USPS, Press Release, March 3, 2008.
600 fake checks deposited into one bank each month
Back in 2007, between 500 and 600 counterfeit checks were being deposited into the accounts of customers of Wachovia, with 90 percent being detected by bank fraud monitors.
3,700 counterfeit money orders casehd in FY 2004
According to a news release by the United States Postal Inspection Service, ” The U.S. Postal Service issued 188 million postal orders in the fiscal year ending September 2004, during which approximately 3,700 counterfeit postal money orders were cashed. That works out to about one counterfeit for every 53,000 issued, and losses were calculated at less than $3.7 million.”
Source: United States Postal Inspection Service,“Setting the Record Straight: U.S. Postal Money Orders are as Good as Money in the Bank,” News Release, May 6, 2005,(accessed: March 7, 2007).
