April 1, 2025
Verituity Founder and CEO Ben Turner was recently quoted in American Banker following the U.S. Treasury’s announcement that it will phase out paper checks for federal disbursements and transition to digital payments.
The article, Treasury’s halt of paper checks likely to reduce fraud, examines how the shift away from paper checks could help curb rising fraud losses across the banking industry. Suspicious Activity Reports tied to check fraud have surged in recent years, with nearly half of banks identifying check scams as a top fraud concern for 2025.
In the piece, Ben highlighted both the operational and cultural challenges associated with modernizing federal payment systems, noting that “you need the culture to be ready to adapt to a radical change.” He also underscored the importance of supporting unbanked populations during the transition and designing platforms that target paper checks only where necessary.
Beyond fraud reduction, Ben pointed to the economic case for modernization, explaining that the cost of issuing a paper check can range from $8 to $12, while a verified digital payment can be delivered for less than $1 per transaction. When combined with reduced fraud and error rates, the potential savings for large issuers are significant.
As financial institutions and government agencies accelerate digital payment adoption, the conversation increasingly centers on verification, fraud prevention, and ensuring that modern payment rails are both efficient and secure. Verituity continues to support this shift through its focus on verified digital payouts and enterprise-grade payment controls.
Read the full piece in American Banker.