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What SAFEChecks Can Do For Financial Institutions | SAFEChecks | Articles

What SAFEChecks Can Do For Financial Institutions

SAFEChecks is different from other check manufacturers. We did not begin as a printer trying to capture a new market niche by adding a few security features to our checks. We began in 1994 as a division of a Southern California business bank battling an epidemic of check fraud. In the early 1990’s the bank’s check fraud losses skyrocketed from $90,000 to over $3 million in just a few years.

The bank hired Frank Abagnale, the world’s most renowned consultant on check fraud, and together we created America’s first true high security check that would be available to companies of any size, for a reasonable price. After the bank required its clients to use these checks, and implemented other internal fraud prevention controls, fraud losses and fraud attempts dropped by 95%. Now, as a private company, SAFEChecks continues to be the leader in check fraud prevention.

Check fraud is America’s most dominant form of payment fraud, and produces more losses than all other forms of payment fraud combined. Every organization and individual are at risk. Because of our experience fighting fraud as bankers, we understand the financial damage that check fraud inflicts on companies, individuals, and financial institutions. The following are some of the ways in which SAFEChecks can help a financial institution and its customers fight check fraud.

Check Fraud Prevention Education

Greg Litster, president of SAFEChecks, gives outstanding seminars covering various types of fraud, including Check Fraud, Embezzlement, Cyber Crime, Holder in Due Course, Identity Theft, and the Check 21 Indemnity Provision. He has given seminars for numerous professional associations such as New York Cash Exchange, Windy City Summit, and Texpo, as well as for financial institutions such as Huntington National Bank, Mellon 1st Business Bank, US Bank, Union Bank of California, and Commerce Bank. Mr. Litster has also written articles relating to check fraud that have been published in various professional publications, and has been an expert witness on several national and international check fraud cases.

SAFEChecks also has written numerous documents to help educate your customers and employees about check fraud prevention, and these are available through our websites, www.safechecks.com and www.fraudtips.net.

High Security Business Checks

SAFEChecks only manufactures high security checks. We have two categories of business checks – the Abagnale SuperBusinessCheck, with 16 security features, and SAFEChecks, with 12 security features.

There are three primary reasons to use high security checks: 1) discourage attempts, 2) thwart attempts, and 3) protect the organization legally.

Check fraud is a “crime of opportunity” and deterrence is your customers’ first line of defense in the fight against it. Our security features make it almost impossible to alter our checks without leaving evidence. Further, checks manufactured by SAFEChecks have NEVER been replicated or used in a check fraud scam.

High Security Personal Checks

The Supercheck is America’s only high security personal check, designed by SAFEChecks and Frank Abagnale. It has 12 security features, and gives individuals the same protection from fraud that corporations have enjoyed for years.

Secure Check Writing Software

SAFEChecks’ secure check writing software includes a state-of-the-art encrypted barcode that is laser printed on the face of a check. The barcode imprinted on each check is unique and contains all the critical information on that check, including payee name, dollar amount, check number, routing and account number, and issue date.

This barcode data can be “read” using Optical Character Recognition (OCR) technology (financial institution must have software and reading equipment), and compared with the printed information on the check. If the information on the check does not match what is read in the barcode, the check can be rejected BEFORE it is deposited.

The ChequeGuard software also includes a Secure Name Font and a Secure Number Font. The Secure Name Font prevents criminals from circumventing Payee Positive Pay with added or altered payee names. The Secure Number Font will prevent altered dollar amounts.

Positive Pay

We know the power of Positive Pay and believe that every company should use it. Our secure check writing software also contains Positive Pay functionality, and will format a company’s check issue file into the layout required by its financial institution and then transmit it securely.

Holder in Due Course

Holder in Due Course is an obscure law that significantly impacts a company’s liability for check fraud. Our Holder in Due Course articles cite court cases that illustrate the power of this law, and explain how an organization can protect itself from various HIDC claims.

Check 21 Indemnity Provision

Most people are either completely unaware of or are misinformed regarding the Check 21 Indemnity provision. We co-authored an article with Frank Abagnale, which was reviewed by the Federal Reserve Board, explaining what the Indemnity means and how it relates to check fraud. This includes how the Indemnity provision impacts a client’s liability when using Remote Deposit Capture, and how banks’ financial agreements should convey those risks to the client.

Secure Ordering Procedures

We are the only check manufacturer to create and follow strict Secure Ordering Procedures to prevent unauthorized persons from ordering your customers’ checks. These procedures are unparalleled in the check printing industry.

Check Security Analysis

We analyze checks, provided to us from companies and individuals, on their level of security. We perform numerous tests on these checks, and give a detailed report on their strengths and weaknesses.

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SAFEChecks, “America's Premier Check Fraud Specialists” understands the serious nature and magnitude of the check fraud problem here in our country. While there is no product, policy, or program that, by itself, will provide 100% protection, we are confident we can help your customers build a strong defense against forgers, counterfeiters, embezzlers, and other criminals involved in check fraud.

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