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Absolute Check Verification SystemAbsolute 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:
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:
Check Printing System (API) for Check VerificationThis 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.
Check Printer Designer
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