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- Fastest growing crimes in America!
- Check Fraud
- Identity Theft
- Annual Check Fraud exceeds $20 billion!
- 1993 – $5 billion
- 1996 – $12 billion
- 25% increase annually
- $1.2 million worthless checks enter the banking system
EACH DAY!!!
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- How do we assess our risk?
- How much financial exposure are
we willing to assume?
- What real and hidden costs will
we bear if we become victims of check fraud?
- What regulations define the scope
of our company’s risk?
- How much are we willing to spend
to reduce our risk?
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- Positive Pay
- Reverse Positive Pay
- Prevent Added Payees
- High Security Checks
- Reconcile Bank Statements Promptly
- Repeater Rule
- Alterations
- Limit Use of Multiple Check Colors
- Check Stock Control
- Annual Reports and Correspondence
- ACH (Automated Clearing House)
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- Use of Secure Laser Stock
- Physical Control of Operation
- Hardware Upgrade
- Software Upgrade
- Use of Positive Pay
- PNV Support (Payee Name Verification)
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- Secure MICR Printers
- Secure Font
- Front Panel Notification
- iSeries Notification
- Secure Network Data Stream
- MICR Guarantee
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