Of the approximately 355,000 checks that were denied by the country's banks over the last month and returned to their owners, 1.5% came as a result of fraud, the research company Business Data Israel on Monday.
The most popular forms of check-fraud include stealing checks from personal mailboxes, changing the signature stamped on the check and forging an endorsement on the back of the check, BDI said.
Approximately 5% of the fraud is a result of stolen identity, while a number of the fraudulent checks were written by thieves who had set up a company and then purchased large quantities of merchandise using checks that could not clear the bank, the BDI report said.
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