Absolute Check Verification System

Absolute Check Verification System

Check Verification and Fraud Control

It is estimated that check fraud costs the US market several billions of dollars annually and is continuing to grow. This threat has created a strong market demand for cost effective and reliable check fraud detection. This powerful application gives your organization the tools needed to reduce corporate fraud, meet client demands for cost effective fraud detection, while creating a competitive market advantage and, possibly, generating additional revenue.  Check fraud comes in many forms– counterfeits, alterations, forgeries and with ACVS you can detect a wide variety of check fraud with one integrated cost effective simple automated system.

ACVS is a Check Verification System for screening of customer checks (retail and commercial) for fraud entries where the payee name/amount/date or serial number have been augmented or altered, either on the actual check or on a high quality counterfeit or check copy.  An actual or copied check with the check serial number and dollar amount unchanged will pass Positive Pay screening since it matches the MICR line record of the issued item (a copy will pass if presented ahead of the actual check). Payee, check serial number and dollar amount, issue date and signer verification is offered by this system without using positive pay system.

Summary

The system implements a procedure to compare data items on a physical check to the encoded encrypted data printed on the check as issued by the customer/vendor. The customer/vendor would supply the payee name, amount and date encoded and encrypted on a text field on the face of the check.  MoneyPins ACVS looks for the encoded field and verifies the payee name/amount/date/signer from an image of the check, in the company’s specific font and format, using Optical Character Recognition and compares that scanned data with the encoded encrypted field. The Encryption key varies on pre-determined intervals supplied by the customer/vendor and is shared with the bank’s processing systems.

In order to utilize this system the bank’s system must be able to scan the checks and decrypt the encoded field printed on the check using ACVS software. Encoded encrypted data can include the payee name, check serial number, check amount, routing number, account number, signer and date issued.

Process

The process is amazingly simple –bank's clients transmits using Moneypins software an encrypted file containing cryptographic keys for specific batches of checks and for specific date range. Then the client prints checks with additional encoded decrypted digest field using MoneyPins ACVS software and a cryptographic key. When presented to the bank Check images are captured by the bank and its data is presented to ACVS for analysis and verification.  As check fields are digitally interrogated, any payee, date, amount, signer or MICR discrepancy will be identified. If there are any discrepancies between the information identified within the actual check fields and the information encoded information in the check, they will be marked as exceptions for review.

The software built in Exception for Items/ Rejects are as follows:

PAYEE ERROR 

AMOUNT ERROR                 

ACCOUNT ERROR

DATE ERROR          

SIGNER ERROR

NO ENCODING DATA

DUPLICATE DATA

ZERO DOLLAR AMOUNT

SERIAL NUMBER ERROR

Retail /Commercial Check Printing

A customer commonly uses check-writing software to print several checks at a time. ACVS software uses a limited time crypto key (LTCK) to process the content of the AMOUNT, DATE and PAYEE, DATE AND SIGNER fields.  The processed data then can be printed on the PC field on the MICR line or anywhere else on the check.  The bank, in order to verify the check uses the account number, LTCK, the AMOUNT, DATE and PAYEE fields, to verify the check.  If an unauthorized person obtains your checkbook, the unauthorized person cannot use the checks without obtaining the LTCK and the ACVS software.  Written signatures are not commonly used to verify checks except for over the counter presentation.  This described method is one several modes of operation that can be used with bank checks and the ACVS application. 

MoneyPins ACVS Advantages over Competing Products

·         No Issues File

·         No third party seal

·         Common check printers

·         No seal printing

·         Easy to implement

·         Non-repudiation

·         Less costly

·         Variable encryption key

·         Retail customers option

This multi-use platform architecture provides the ultimate level of system scalability and flexibility, simplified systems management, as well as common decision support and endof-day reporting. And, the non-proprietary design of the suite allows for its easy integration with most existing imaging systems.

Check Printing System (API) for Check Verification

This complete API is compatible with MS Access, MS SQL and any ODBC compliant database It allows multiple bank accounts, and check data per account. A MICR version is also available. It includes the MICR fonts for printing the MICR symbols on your checks.

• Layout Editor with font picker
• Exporting of Register and Payee records to Excel comma delimited files
• Scanned signature support
• A different font can be used for each printed field
• Security (Encryption / Password protection).

 Check Printer Designer