Absolute
Check Verification System
Absolute Check
Verification System Check Verification Fraud Control Billions of
dollars are wasted annually because of check fraud. This type of
fraud is continuing to grow. This increase in check fraud activity
has created a strong demand for cost effective simple and reliable
check fraud detection systems. Absolute Check Verification system is
used for screening of customer checks for fraud entries where the
payee name/amount/serial number/account/ABA 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, dollar amount, issue date data verification is
offered by this system without using positive pay system.

Absolute Check Verification is more efficient and at much
lower cost than Positive Pay Plus. It also has an integral
option for not using check issue file. Seal
Encoding or Barcode Encoding are used as a digest and encryption feature of
a document. Document Digest, Encryption and Private/Public keys encryption technologies are
mostly not covered by any patent and are available to the general
public. Patents of issuing companies cover Seal Encoding or Barcode Encoding for documents
digest. However, you do not need Seal Encoding or Barcode Encoding if you
just print the encrypted check digest directly on the check.
Valuable processing time is needed to read a seal or a
bar code. You may also encounter reading errors in
that process, which will increase rejection errors and reduce reliability
of the system. VeryCrypt with Absolute Check Verification just reads hex values printed
on the check or on the MICR Line. We provide
toolkits to perform check digest and encryption of selected information from
the original check. Signed Digest cannot be unscrambled or duplicated,
and it adds a significant security layer to check processing. On the client
side we also provide check-printing program that will take all selected
parameters and print them on the check. VeryCrypt check printer program
includes also a check layout designer.

In addition to our toolkit we can provide OCR
(Optical Character Recognition) software tools used to scan and compare the payee name
on a physical check to the payee name as issued
by the company. There are two methods to operate this software:
The default method is where the customer employs signed encoding
with no issue file. The decoded information from the signed digest is used
for comparison with the data from the face of the check.
The optional variation is that the customer will send both an
issue file and signed encoded checks.
Processing
Steps:
Step 1: Check printing
and optional issue file creation The customer will generate
public/private keys sets per account, directly from his check
printing software (or using the VeryCrypt's API). The public key
will be provided in encrypted format to the bank and could be either
eMailed or uploaded to a designated web URL. The customer then
prints his checks using our check printing program or using a API
toolkit to generate the signed digest to be printed. The digest info
will include any combination (per customer profile) of the
following:
- Payee name
- Dollar amount
- Account number
- Check serial number
- Issue date
- Check Signer ID
Step 2: Check
presentment After the checks are presented for image processing,
MICR data and image files will need to be merged or correlated by
the bank hardware/software. Next VeryCrypt's software will process
the images and the MICR data. The system will be able to decrypt the
signed digest printed on a check, per customer account data.
Step 3: Verification If
the check data fields signed digest do not match to the signed
digest printed on the check the check will be marked as an exception
for review. If an item’s image cannot be matched to the
corresponding issue file record (based on the signed encoded account
number, amount and/or serial number), then the item is routed for
manual verification of the account number, amount and/or serial
number. If the corresponding issue record cannot be located, the
item will be posted as an reject item with an exception code value.
Processed and exception results will be listed in database tables.
The system can also flag records based on checks processed records
and generate the following exceptions:
- Paid data does not match issue file
data (if issue file used)
- No issue file (if issue file
used)
- No signed digest found
exception
- Signed digest does not match
- Micr data does not match
- Dollar amount exceeds customer set
value
- Duplicate check number
- No serial number
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

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