But technological change can also generate new methods of perpetrating fraud and disrupting payments systems – and thus require us to develop new responses to these challenges and risks. Check fraud has long been an important issue for the banking system and has been increasing recently, as described in the Board’s Check 21 report.
As at the end of 2012 the stock of foreign invested capital that came via the UK amounted to almost $ billion, and it is still growing (it rose at an annual average compound rate of more than 6 per cent over the past 10 years) (ABS 2013a).2 The stock of Chinese inbound investment has been growing at 20 per cent over the past decade, but is estimated at only 2 per cent of the combined total from the US and UK.