Banks Upgrade Check Fraud Prevention, Information Week, Aug 26, 2003

Title Companies Are A Great Market for TMO Prospecting

Gracy Title Reduces Check Fraud Exposure
Gracy Title, a part of Stewart Title - one of the leading international real estate services companies, provides services to Central Texas etc.

Gracy Title provides title services to the Central Texas community. Its six offices each produce an average of 9,000 checks a month, many with high dollar amounts associated. Gracy has been in business since 1873, yet it recently began experiencing a dramatic increase in check fraud. Within the past year, they experienced several fraudulent checks clearing their accounts with sums upwards of $20,000 each. Additionally, their high check volume processing opened the door for checks to be misplaced, as was the scenario with a $23,000 check that was lost. The company sought to implement a solution to prevent future check fraud. The company was spending over 100 man-hours with each fraudulent check occurrence. This included many employees researching the incident, closing and opening accounts, canceling outstanding checks, reissuing checks from the new account, internal meetings, etc. Each occurrence cost the company the amount of the fraudulent check, plus the time and overhead associated with correcting the situation. Gracy Title began researching a check fraud prevention solution and discovered positive pay. 

Jeff Craig, Information Technology Director for Gracy Title, was delegated with the responsibility of finding and implementing a positive pay solution. His due diligence revealed several solutions including SecurePay from AcuPrint Technology. 
“I was impressed with AcuPrint’s customer service. Their dedicated SecurePay customer care team assisted throughout the installation process to insure a smooth setup,” stated Jeff. “AcuPrint also provided a money-back guarantee, if SecurePay failed to work with our bank’s file specifications, I could return it for a full refund.” (SecurePay has over a 99% successful installation rate.) “I needed to implement a positive pay solution that was also economical. I found other solutions that required a per check charge. The SecurePay solution is a one-time affordable purchase,” says Jeff. “The internal decision process was painless because SecurePay is a robust and affordable solution.” “We implemented SecurePay and have been successfully transmitting positive pay files to our banks for several months,” says Jeff. “SecurePay has enabled the bank to catch several fraudulent checks that were being presented against Gracy Title’s account. Without SecurePay, we would not have been able to catch these checks prior to them being cashed. Having just one counterfeit check caught is worth the price of the SecurePay software.”
www.gracytitle.com
www.stewart.com
 

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