Question: What advantages does check imaging bring?
Answer: The big advantage is time. A criminal who had three or four days between the time a check was cashed in Los Angeles and presented in New York could find that window cut to one day. Any process that reduces the time between an act of fraud and the point at which it is identified as fraud is an advantage. Further, automated image-based methods have the potential to increase the number of checks that can be analyzed, and digital processes enable integration of fraud-detection activities within a bank and among banks. Many in the industry believe that because check images are digital, they create new possibilities for detecting fraud. However, other experts are far less optimistic, arguing that criminals have access to the same new technologies and benefit from the public standard-setting process that is necessary for widespread acceptance of any new security practice.
Early Warning Systems Boilerplate (formerly PPS)
For over a decade, Early Warning Services, LLC (formerly Primary Payment
Systems) has been an industry pioneer by facilitating cooperation and
information sharing among financial services organizations as a
best-practice means to help prevent fraud losses and safeguard the financial
assets of those organizations and the consumers they serve. A suite of
services delivers this intelligence to where it is needed most resulting in
billions of dollars in loss avoidance each year.
For more information, please visit www.early-warning.com.
BankersOnline is a free service made possible by the generous support of our
advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all
banking professionals. Support our advertisers and sponsors by clicking
through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
