Today In Data

Freeing, And Securing, Trapped Funds Everywhere

There are all kinds of ways money can end up “trapped.” It might get trapped in a  security deposit, or get frozen in place by new, ill-understood rules and regulations. Friction has great power to hold things in place. Digitization, at its best, can break the ice around frozen-up funds. The challenge, of course, is to free the funds, but only for their owner, while freezing out fraudsters.

Data:

$190 billion: Amount of money in the U.S. tied up in cash security deposits

$57 billion: Potential drop in economic activity European businesses are facing in the first year of SCA

65 percent: Share of organizations that have been victimized by check fraud

44 percent: Share of U.S. bills that are still paid by cash or check

25 percent: Share of European merchants that were aware of SCA mandates as of spring 2019

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