WASHINGTON — A recent U.S. Department of the Treasury Financial Management Survey finds that although identity theft continues to top consumers' list of concerns, many still leave themselves open to it by using paper checks rather than direct deposit.
A recent U.S. Senate resolution has declared March 2007 Go Direct Month, to raise awareness about the safety advantages of direct deposit, particularly for older and vulnerable Americans.
"Millions of Americans are affected by identity theft and other financial crimes, but there are steps people can take to increase their financial safety–such as choosing direct deposit," said Treasury Financial Management Service Commissioner Kenneth R. Papaj. "Last year 57,000 checks issued by Treasury were fraudulently endorsed, while problems with direct deposit payments were negligible. In fact, while paper checks make up about 20% of the total Social Security and Supplemental Security Income payments, they account for more than 90% of reported payment problems."
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