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Fintech Takes
S5 Ep6: BNC: The Debit Interchange Cap is Being Lowered Because … Reasons, Check Fraud, and the Implications of 1033
Nov 8, 2023
The podcast discusses the proposed lowering of the debit interchange cap, open banking and its impact, the persistence of check payments and its vulnerability to fraud, valuation challenges of banks and fintech companies, amusing coin-related stories, and the disappearance of coin counting machines and its inconvenience for customers.
01:17:42
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Quick takeaways
- Checks still make up 4% of transactions and are commonly used for larger payments, posing a persistent check fraud risk.
- Transitioning to account-to-account payments can help reduce check fraud by offering faster settlement and eliminating fraudsters' exploitation of float.
Deep dives
The Persistence of Checks
Checks still make up 4% of transactions and are commonly used for transactions of $500 or more, with about 14% of those transactions using checks. Checks are more common among older individuals and those who identify as white. Checks are also used for payments to contractors, charities, taxes, and landlords. Despite their declining usage, check fraud is a persisting and costly issue for banks, with suspicious activity reports involving fraudulent checks doubling year over year. Banks are facing challenges in addressing check fraud due to the time lag involved in clearing and settling checks.
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