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Smaller Banks Have Access to Fraud Technology
Some smaller financial institutions that outsource their check processing now have access to fraud-fighting technologies that large banks use or are testing. Fiserv is rolling out a digital signature verification product that automatically checks signatures on clients' checks against the financial institution's signature records. The system uses multiple algorithms to analyze the signature and compare it to past signatures on the checking account, then presents suspect checks for review by the financial institution.
The company said the service eventually will be available in all 49 of its processing facilities. It also said that it will soon offer a positive pay product that embeds specific information about a check in a logo or other unobtrusive spot on the face of the check for later verification.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 2, 4/05
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