355,000 checks denied in October

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.

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.