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Is your Check 21 implementation a fraud hazard?(selected topic)
The implementation of the Check Clearing for the 21st Century Act ("Check 21") in the U.S. means that check-handling and collection will experience a drastic increase in speed, but it also portends other seismic issues in the financial services industry--some that are especially foreboding.
First, converting paper checks to digital image has the unintended consequence of significantly reducing the bank's recourse to fraud. Because the image-processing procedure typically involves the destruction of the paper document, eliminating the very evidence of fraud, it could make it extremely difficult to prosecute check-fraud crimes in the future.
Further, ...
- Banking, Financial Services Trade Groups Support Principles of Check Clearing...
- Press release article from: PR Newswire September 25, 2002 700+ words
...innovation in the check collection system...mandating receipt of checks in electronic form...from the banking and financial services industry, consumer groups, check clearinghouses...to use substitute checks to reach banks and...
- Financial Services, Inc Becomes One of the First Five Institutions to Exchange...
- Press release article from: Business Wire July 12, 2005 700+ words
...announced that Financial Services, Inc (FSI...implemented its Check 21 product...president, Financial Services, Inc. FSI captures check images of...about by the Check 21 legislation...president, Financial Services, Inc...
- Financial Services, Inc. Selects Check Fraud Verification Solution through...
- Press release article from: Business Wire November 16, 2004 700+ words
...VEGAS -- Fraud In-Check Software Verifies Signatures and Check Images, Saves Costs...Conference and Expo that Financial Services, Inc. (FSI...solution, Fraud In-Check. VSoft's Fraud...potentially fraudulent checks, and saves our...
- Microsoft Names Intell-A-Check, Corp. Winner Of Industry Solution Award for...
- Press release article from: PR Newswire December 6, 1999 700+ words
...Solution Award for Financial Services in the Banking...recognizes Intell-A-Check's flagship product...announce Intell-A-Check, Corp. as the...Solutions Award for Financial Services," said Bill Hartnett, director of financial services at Microsoft...the ...
- Elan Financial Services Introduces Check Card Marketing Program.
- Press release article from: Business Wire December 11, 2002 700+ words
...2002 Elan Financial Services recently introduced a check card marketing...president of Elan Financial Services. "Our new...in their check card portfolios...The Elan check card marketing...a leading financial services marketing...
- Kinecta Federal Credit Union Announces Expansion into Alternative Financial...
- Press release article from: Business Wire August 1, 2007 700+ words
...much-needed financial services in the South...formed by Nix Check Cashing and Kinecta...of mainstream financial services, and gives them...posted in all check cashing locations...the alternative financial services industry and...
- New financial services partnership formed by IBM and Check Consultants.
- Press release article from: PR Newswire November 20, 1990 700+ words
NEW FINANCIAL SERVICES PARTNERSHIP FORMED BY IBM AND CHECK CONSULTANTS PURCHASE...provide integrated check processing solutions to customers in the financial services industry. The partnership will be called Check Solutions Company...
- International Financial Services Expands Its EpiCheck(TM) Online Personal Check...
- Press release article from: PR Newswire November 13, 2002 700+ words
...system of personal check acceptance to major...of International Financial Services. "The two contracts...market for online check verification is...accepting personal checks online as easy...About International Financial Services IFS has spent the...
Source: HighBeam Research, Is your Check 21 implementation a fraud hazard?(selected topic)