Check Fraud in the News

IN DEPTH: Banking & Accounting
Businesses Can Prevent Check Fraud
Only Hollywood Could Figure Out a Way to Glamorize Check Fraud ...
Printed June 11, 2004
From Columbus Business First, written by Melissa Ingwersen
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Bank Secrecy Act
Dated June 10, 2004
From FDIC Financial Institution Letter, written by Michael Zamorski and William F. Kroener III
The Department of the Treasury's Financial Crimes Enforcement Network and the five federal financial institution supervisory agencies have jointly issued findings from a recent court case reaffirming the Safe Harbor status for Suspicious Activity Reports (SARs).
View Letter

Check Clearing for the 21st Century Act
Posted June, 2004
From www.bankinfosecurity.com, written by Michael Zamorski
The FDIC is notifying FDIC-supervised institutions that they should begin planning for operational changes needed to implement the Check Clearing for the 21st Century Act.
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Three Indicted in Multi-ste Check Fraud Scheme
Originally published May 28, 2004
From the Gwinnett Daily News (Gwinnett County, GA), article written by Andria Simmons
Bank of America Global Treasury Services (GTS) today announced expanded capabilities that will be offered by its Positive Pay (TM) Payee Verification Protection Service.
View Article

AcuPrint Solution Spotlight:
SecureCheck nX² MICR Laser Check Printing Solution
Highline Finds AP Technology’s SecureCheck nX² a ‘Lifesaver’
SecureCheck nX²is the laser MICR check printing solution for over 6,000 customers, providing a highly flexible and secure solution for check writing that integrates with virtually all accounting applications and operating systems (Windows, UNIX, AS/400 and more).

Customer email about SecureCheck nX², May 19, 2004:

As an IT professional, any product like SecureCheck that I install and never hear about, except an occasional "Way to go" or "I love it," is a lifesaver. About twelve months ago, we installed the SecureCheck software from AP Technology. We currently use it for accounts payable checks (We use an outside payroll service so we don't print payroll checks, although we could use the SecureCheck system if we wanted to bring Payroll in house). AP Technology’s SecureCheck product has saved us a lot of time, money and headaches.

Our savings comes down to 3 major areas:
1. We're now able to laser print our checks onto blank check stock in about 20% the time that it took to print dot matrix checks.
2. Stressing out about reprinting jammed checks is a thing of the past. Ask any AP person or payroll person about jammed checks and the work involved in re-running a batch of checks because the numbers no longer match what is in their CMHC accounting software. With SecureCheck, the check number is printed on blank stock at the time checks are printed. So if you need to reprint the check, you just do it and they come out with the same numbers as in CMHC's general ledger every time.
3. We will never have to buy pre-printed checks again. In the past we had trouble getting checks to print correctly. Our last batch of pre-printed checks took 5 runs by 2 printers before they were right. Now we order blank check stock that costs significantly less (1/3 the cost) than pre-printed checks, and just print checks on the fly.

Other advantages of this system include:
1. Security. We no longer have stacks of blank checks lying around with our accounts that we need to secure. In the past someone could have stolen a check and written it at home. That is no longer a concern.
2. The checks look better and are much more professional with a logo. The stub consistently prints on the stub, and the checks are more legible.
3. The system keeps a log of all checks written that can be used to verify against our CMHC accounting software to catch any unauthorized checks.
4. Many accounts can easily be set up.
5. If you change account numbers or banks, you spend a half hour or less to change the check layout and spend no money buying new checks.

To wrap it up:
I will never go back to dot matrix check printing. My accounts payable people told me they would quit if we ever took this product away from them.

If you have any questions, or if you would like to see a demonstration of SecureCheck contact Steve Fisher at 760-602-5438, or by email at sfisher@acuprint.com . He helped me out, and I'm sure he will be able to help you out as well.

You can also feel free to contact me directly at
Jeff Coleman
System Analyst
Highline West Seattle Mental Health
jeffc@highlinementalhealth.org
Ph: 206-779-0712

Published by AP Technology
Copyright ©2004 AcuPrint, Inc. All rights reserved.

AcuPrint is a registered trademark, and SecureCheck, SecurePay, and Transporter are trademarks of AcuPrint, Inc. Transporter is a patent-pending technology.